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110-120 West 6th Street
SOLD

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

110-120 West 6th Street

Development Site
clock iconSold 137 days ago
Trevor Fiebel
Nat Gambuzza
Nick Balancia
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Summary

Sale
NEW JERSEY
Development Site

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.

Players

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    4

  • Agents

    3

  • Agencies

    1

Trevor Fiebel's profile picture
Trevor Fiebel
Berkadia-image
Senior Director
$278.5M Sold
Nat Gambuzza's profile picture

Details

Deal Summary
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SOLD
IMAGE: Nat Gambuzza, Trevor Fiebel & Nick Balancia DATE: 01/10/2024 ADDRESS: 110-120 West 6th Street MARKET: Plainfield, NJ ASSET TYPE: Development Site ~ Buildable Apartment Units: 71 BUYER: Jeffrey Fernbach SELLER: Joseph Villani BROKERS: Nat Gambuzza, Trevor Fiebel (@TrevorTrevv), & Nick Balancia - Berkadia (@Berkadia) SALE PRICE: $2,627,000 NOTE FROM BROKERS: Nat Gambuzza, Trevor Fiebel, and Nick Balancia are pleased to announce the closing of West Sixth Apartments situated in the heart of downtown Plainfield. The development opportunity consisted of a 0.76 acre site with a 30-year PILOT and Preliminary and Final Site Plan Approval to construct 71 apartment units. The project will revitalize the area being the first newly constructed apartment building in the immediate location. The amenity rich property will feature a courtyard deck with games, fitness center, covered parking, multiple community lounges, conference center, leasing office and a reception area. The Berkadia team exclusively represented the seller and procured the buyer, a regional developer in which the project marks their first in the City of Plainfield. The offering brought in strong demand with multiple bids from both local and regional firms. The closing represents the third development project in Plainfield the team has exclusively sold in recent years totaling 500 units among many additional dispositions of stabilized apartment communities

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Address110-120 West 6th Street

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