Berkadia Brokers Nat Gambuzza & Spencer Beriont Facilitate $89M Multifamily Sale In North Bergen

The Solo at North Bergen, a multi-family property located at 4828 Tonnelle Avenue in North Bergen, NJ, has been sold for a price of $89,000,000. The property consists of 214 units with an average price per unit of $415,888. The total square footage of the complex is 177,647, resulting in a price per square foot of $501.

Summary of transaction details

• Property Type: MultiFamily
• Transaction Amount: $89,000,000
• Address: 4828 Tonnelle Avenue, North Bergen, NJ
• Market: North Bergen, NJ
• Units: 214
• Average Price per Unit: $415,888
• Square Footage: 177,647
• Price per Square Foot: $501

Nat Gambuzza and Spencer Beriont from Berkadia represented the sellers in this transaction. The two-phase construction of the community was completed in 2022, with the final phase attracting investors due to its proximity to mass transportation and the high-quality build. The property also benefits from a 30-year tax pilot program, limiting the buyer's tax exposure in the future. The transaction provides the buyer with a stable cash-flowing asset in a market with strong fundamentals.