Teaneck Urban Renewal purchased a 300,000-square-foot parcel of land in Teaneck for $9.83 million, Marcus & Millichap announced Thursday.
The land, approximately 2.67 acres, is located at 329 Alfred Ave. in Teaneck.
The site, which sits in close proximity to New York City and Route 4, is zoned for a multifamily complex or hotel.
Steven Siegel, an investment specialist in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller, 329 Alfred Corp. The buyer, Teaneck Urban Renewal, was secured and represented by Casey Egan and Daniel Aviles, investment specialists in Marcus & Millichap’s New Jersey office.