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The Station at 4901 Bergenline Ave. in West New York \u2014 Courtesy: CBRE<\/p>\n
By Joshua Burd<\/p>\n
The developer of a new 97-unit luxury apartment building in West New York is seeking a buyer for the property, in a newly announced offering by CBRE.<\/p>\n
The listing team noted that The Station, a collection of one- and two-bedroom homes at 4901 Bergenline Ave., is directly adjacent to the Hudson-Bergen Light Rail\u2019s 49th Street station. That\u2019s likely to generate strong interest from would-be buyers, the brokers said, noting that the 10-story building also has 11,000 square feet of ground-floor retail space that\u2019s fully leased to Le\u00f3n Marketplace, a grocery store.<\/p>\n
CBRE\u2019s Fahri Ozturk, Richard Gatto, Zach McHale and Tracy Trank lead the exclusive marketing campaign on the seller\u2019s behalf.<\/p>\n
\u201cThe Station offers investors a rare opportunity to acquire a newly built, luxury high\u2011rise with three years remaining on its tax abatement \u2014 providing strong yield and immediate connectivity to New York City,\u201d Ozturk said. \u201cPositioned on the Hudson River, the property features unobstructed panoramic views of the Manhattan skyline and the Meadowlands.\u201d<\/p>\n
The Station, which has an average unit size of 953 square feet, has amenities such as a rooftop terrace, a high-end fitness center, a resident lounge and party room and a private parking garage, according to CBRE. Renters, meantime, have easy access to Manhattan, Hoboken and downtown Jersey City via the light rail and nearby NJ Transit bus service.<\/p>\n
\u201cThis is a generational opportunity for yield-focused investors seeking institutional-quality product,\u201d Gatto said. \u201cNew construction, 100 percent market-rate assets with in-place tax abatements simply don\u2019t come to market often on the Gold Coast. The Station offers a strong in-place yield with three years remaining on a five-year tax abatement, grocery-anchored retail income locked in for 20 years and direct light rail access to Hoboken and Manhattan.\u201d<\/p>\n
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