Ed Russo Of Russo Development LLC And KRE Group Acquire Development Site In Paramus For $25M

The property involved in the transaction is a development site located at Route 4 & Forest Avenue in Paramus. The site was sold for a price of $25,000,000 and is designated for a 426-unit mixed-use multifamily project. The development will consist of residential units, retail space, and structured parking, and it will be constructed in two phases adjacent to Bergen Town Center.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $25,000,000
• Buyer: Ed Russo - Russo Development LLC; Murray Kushner & Jonathan Kushner - The KRE Group
• Seller: Jeff Olson - Urban Edge Properties
• Brokers: Austin Pierce, Elizabeth DeVesty, Jose Cruz, Michael Oliver, Ryan Robertson & Steve Simonelli - JLL

This transaction involved Urban Edge Properties selling the Bergen Town Center Land Site to a joint venture between Russo Development and the KRE Group. JLL facilitated the sale, demonstrating the collaborative effort of key individuals and firms in executing the transaction successfully.