Jeffrey Fernbach Acquires Development Site In Plainfield For $2,627,000

An extensive development site located at 110-120 West 6th Street in Plainfield, NJ has been sold in a recent closed transaction. The property, covering 0.76 acres, presents an appealing opportunity for construction as it is approved for the development of 71 apartment units. The surrounding area will experience a revitalization as this development marks the first newly constructed apartment building in the immediate location. The sale price for this development site was $2,627,000.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $2,627,000
• Buildable Apartment Units: 71
• Market: Plainfield, NJ

The team at Berkadia, comprised of Nat Gambuzza, Trevor Fiebel, and Nick Balancia, exclusively represented the seller and successfully procured the buyer, Jeffrey Fernbach, a regional developer. It is noteworthy that this project represents the buyer's first venture in the City of Plainfield. The Berkadia team attracted strong demand for the offering, resulting in multiple bids from both local and regional firms. This closing signifies the team's third successful sale of a development project in Plainfield in recent years. These projects have collectively included the sale of 500 units, alongside various dispositions of stabilized apartment communities.