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Forest Ave in Paramus, New ...

Updated Oct 19, 2026

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

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

$25,000,000

Units

426

Asset Type

Development Site

Closing

May 19, 2025

About this deal

AI

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:

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.

Players

Jose Cruz

JLL

Broker

$8B

vol

107 deals

Broker

Murray Kushner

The KRE Group

Buyer
Buyer

Jeff Olson

Urban Edge Properties

Seller

$611.1M

vol

5 deals

Seller

Market Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.63%

Cash-on-Cash

-0.18%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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