Jon Smith Acquires 162-Unit Multifamily Development At 731 Pascack Road For $9.25M

The property asset involved in this transaction is a multifamily development site located at 731 Pascack Road in Paramus. The sale took place for a total of $9,250,000, encompassing 162 units and a total square footage of 312,026, resulting in a price per unit of $57,098 and a price per square foot of $29.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $9,250,000
• Address: 731 Pascack Road - Residences at Joy Farm
• Market: Paramus
• Units: 162
• Price per Unit: $57,098
• Square Footage: 312,026
• Price per Square Foot: $29
• Buyer: Jon Smith
• Seller: Larry Kramer
• Seller's Representative: Adam Zweibel - Hudson Atlantic Realty
• Development Site: 55+ Age Restricted
• Affordable Units: 20%
• Market Rate Units Price per Unit: $67,000

The key individuals involved in the deal include Jon Smith as the buyer and Larry Kramer as the seller. Adam Zweibel from Hudson Atlantic Realty served as the seller's representative, facilitating the transaction for Larry Kramer. The property is specifically designated as a 55+ age-restricted development site, incorporating 20% affordable housing units.