The Allure, located at 518 Vosseller Avenue in Bound Brook, New Jersey, has recently closed. This development site, previously a catering facility, is set to be transformed into a luxury apartment community following the township's approval. The 40-unit project is 100% market-rate and did not require any variances or tax incentives for approval. The purchaser, a New Jersey based developer, obtained the necessary approvals while under contract and closed shortly after site plan approval. The sale price for this transaction was $1,600,000.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $1,600,000
• Address: 518 Vosseller Ave, Bound Brook, NJ
• Market: Bound Brook
• Brokers: Nat Gambuzza, Trevor Fiebel, Brian Antognini, Spencer Beriont, Timothy Blashford, and Michael O'Reilly - Berkadia

This deal was announced by Nat Gambuzza and Trevor Fiebel, who marketed the property exclusively and also represented the purchaser. The developer successfully navigated the approval process while funding the seller's carrying costs. It is worth noting that this transaction was closed at the brokers' previous firm.