Marcus & Millichap announced it recently sold a 1.08-acre land development site in Tenafly for $2.43 million.
Located at 66 W. Railroad Ave. near downtown Tenafly, the property is easily accessible from major thoroughfares including Interstates 95 and 80. It is conveniently located just 10 miles from Teterboro Airport and less than 27 miles from LaGuardia Airport, Newark Liberty International Airport and John F. Kennedy International Airport.
“This was a fun and challenging project for us,” Jed Matricaria, senior associate, said. “The site’s previous use as an auto-parts junkyard operation posed environmental issues and approval challenges. Prior to hiring us, the owner had previous deals fall out of contract, but our unique marketing process highlighted the property’s irreplaceable location and the township’s Downtown Revitalization Plan. This positioning resulted in 10 offers and led to a successful closing at 97% of the list price with an all-cash buyer.”
“We are happy to have executed on behalf of the seller and equally as excited for the purchaser,” Daniel Aviles, first vice president, investments, added. “We are looking forward to seeing the vision for this site come to fruition.”
Matricaria and Aviles, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a New Jersey-based private investor, was also procured by Matricaria and Aviles.
