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3522 Park Ave, Weehawken, N...

Lennard Charles And Michael Ignatieff Purchase Weehawken Property With Joan Cenicola As Seller's Representative
SOLDMixed-use

Lennard Charles And Michael Ignatieff Purchase Weehawken Property With Joan Cenicola As Seller's Representative

3522 Park Ave, Weehawken, NJ, 07086

Building Size

9,000 SF

Asset Type

Mixed-use

Closing

Nov 20, 2023

AI

A partnership has acquired a mixed-use building located at 3522 Park Ave, Weehawken, NJ, 07086. The property spans 9,000 square feet and consists of three stories, which includes 3,000 square feet of ground-level retail space and a 1,080-square-foot mezzanine. The building also features two floors of residential space and on-site parking.

Summary of transaction details:

  • Property Type: Mixed-use building
  • Transaction Amount: Undisclosed
  • Address: 3522 Park Ave, Weehawken, NJ, 07086
  • Market: Weehawken
  • Buyers: Lennard Charles & Michael Ignatieff
  • Seller's Representative: Joan Cenicola - NAI, James E. Hanson

NAI Hanson’s Joan Cenicola and John Schilp represented the seller, 3522 Park Ave LLC, highlighting the property's advantageous location just off Route 495 and in close proximity to major routes and the New Jersey Turnpike. The site is also near the Weehawken Waterfront Park and Recreation Center, which recently underwent significant capital improvements.

Players

Joan Cenicola

NAI Global

Broker

2 deals

Broker

Weehawken Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93