PALISADES PARK, NJ – Madison House, a 48-unit luxury rental building here has been sold to a privately-held Manhattan real estate firm for $16.05 million. Cushman & Wakefield orchestrated the deal.
The sale price factors out to nearly $334,375 per unit. C&W's Brian Whitmer said there were several developers interested in converting the building to condominiums among the bidders.
Blumberg & Freilich Equities, together with investor L3C Partners, LLC, acquired the property at a bankruptcy sale in 2011 and completed construction of the building. Following a rapid rent-up, BFE concluded it was time to sell. "We thought it was an opportune moment to bring a stabilized, maturing and opportunistically acquired multi-family property to a hot market," said Ted Silverman of BFE.
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