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Patrick McTigue Acquires Multifamily Property From Gloriana Bussanich In Fort Lee For $16.8M

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SOLD
$16,800,000

New Jersey

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MultiFamily60,000 SF
Sold 09/12/2024
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SOLD

Patrick McTigue Acquires Multifamily Property From Gloriana Bussanich In Fort Lee For $16.8M

1435 10th Street

See Similar Deals
MultiFamily60,000 SF
Sold 09/12/2024
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$280
Total Square Footage:60,000 SF
Transaction Type:Sale

The multifamily property located at 1435 10th Street in Fort Lee was sold for $16,800,000. The asset encompasses 60,000 square feet and comprises 30 units, resulting in a price per unit of $560,000 and a price per square foot of $280.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $16,800,000
  • Buyer: Patrick McTigue
  • Seller: Gloriana Bussanich
  • Broker: Manveer "Manny" Sanghera - Veerman Asset Management
  • Units: 30
  • Square Feet: 60,000
  • Price Per Unit: $560,000
  • Price Per Square Foot: $280

Manveer "Manny" Sanghera, Principal of Veerman Asset Management, represented the transaction and expressed satisfaction in closing this significant deal, highlighting its role in setting a new pricing standard in the Fort Lee market. The buyers have expanded their portfolio into New Jersey with this acquisition, marking their first multifamily property purchase in the state.

Players

Manveer "Manny" Sanghera
Veerman Asset Management
Manveer Sanghera
15 deals$247.2M volume
BROKER

Details

SOLD
IMAGE: Manveer "Manny" Sanghera DATE: 09/12/2024 ADDRESS: 1435 10th Street MARKET: Fort Lee ASSET TYPE: Multifamily BUYER: Patrick McTigue SELLER: Gloriana Bussanich BROKER: Manveer "Manny" Sanghera (@MannySinghPSU) - Veerman Asset Management SALE PRICE: $16,800,000 UNITS: 30 ~ PPU: $560,000 SF: 60,000 ~ PPSF: $280 NOTE FROM BROKER: "We're thrilled to have closed this milestone transaction and to have set a new standard for pricing in the Fort Lee market," said Manveer Sanghera, Principal of Veerman Asset Management. "The Doma exemplifies the demand for high-quality, thoughtfully designed multifamily housing, and we're excited to have guided the buyers in expanding their portfolio into New Jersey.” The property marks the 12th property built after 2010 that the firm has sold since the start of 2022, further cementing their role as a market leading advisory firm in the Northern New Jersey market. Veerman Asset Management is currently marketing several similar high-quality multifamily properties in the region, continuing to drive interest and activity in this competitive marketplace. “As returns on risk-free investments decline, we anticipate increased capital allocation toward alternative investment vehicles. Historically, this trend has been favorable for commercial real estate, particularly in the multifamily sector in New Jersey.” Sanghera added. The buyers, based out of New York, made their first multifamily acquisition in New Jersey with this purchase. They approached Veerman Asset Management directly, attracted by the firm's strong track record in selling new construction multifamily properties over the past three years.

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