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
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