A mixed-use, multifamily property in Cliffside Park has sold for $6.1 million, according to real estate firm Cushman & Wakefield.
The firm said Thursday that 599 Anderson Ave. achieved a sales price of $225,926 for each of its 27 units. C&W’s Brian Whitmer, Andrew Schwartz, Jordan Sobel and Andre Balthazard represented the seller in the deal, A&J Inc., and procured the buyer, JTS Inc.
“This property presents a unique value-add opportunity; through basic capital improvements, there is strong upside potential for new ownership,” Schwartz said in a prepared statement. “We’re continuing to see strong demand for value-add multifamily assets throughout northern New Jersey, especially considering the low interest rates the market is currently experiencing.”
The five-story property includes 24 apartments as well as three units converted to medical offices. It is fully leased.