The building is surrounded by new development sites that include national retail tenants such as Walgreens and Subway, as well as newly constructed medical office and retail space,” says Aviles.

“A lot of people don't know what is going on here,” he says. “St. Joseph's is the largest landowner and they are working diligently with developers to redevelop the entire area. They have skin in the game. You are going to see an appreciation of assets here because it's a transitional neighborhood that is on its way to becoming the most desirable area in Paterson.”

The property is also unusual—165 Barclay Street is the tallest wood frame modular structure in the United States. It was assembled with prefabricated modules that were lifted into place by a massive 300-ton crane.

“In recent years, the investment sales market play in Paterson was yield,” says Aviles. “Traditionally, you could get a good return while taking on some risk. Now thanks to the administration in place, the hospital's foresight and developers like The Danza Group, who have taken the initiative, an investor is going to be able to get a good product and ride the appreciation wave in a city that is coming back.”

PATERSON, NJ—The Barclay Residential Hall at 165 Barclay Street, a new class-A, 42-unit, six story medical college residential hall that opened in April is up for sale for $6.6 million.

The property, with a 15-year gross lease in place with a single tenant, the New York Medical College, is located within the St. Joseph's Hospital Zone Redevelopment Area on the Southside of Paterson, NJ.

The Danza Group is the seller.

“The sale is an opportunity for an investor to buy and own the first multi-family development project located within the St. Joseph's Hospital Zone Redevelopment Area,” Daniel Aviles, an associate at Marcus & Millichap in New Jersey, who has the exclusive listing, tells GlobeSt.com exclusively. “The Paterson Area 11 designated 'Master Developer' – St. Joseph's Regional Medical Center – is revitalizing the Barclay Street corridor which connects points west (Montclair/Clifton) and I-80.”

The building is surrounded by new development sites that include national retail tenants such as Walgreens and Subway, as well as newly constructed medical office and retail space,” says Aviles.

“A lot of people don't know what is going on here,” he says. “St. Joseph's is the largest landowner and they are working diligently with developers to redevelop the entire area. They have skin in the game. You are going to see an appreciation of assets here because it's a transitional neighborhood that is on its way to becoming the most desirable area in Paterson.”

The property is also unusual—165 Barclay Street is the tallest wood frame modular structure in the United States. It was assembled with prefabricated modules that were lifted into place by a massive 300-ton crane.

“In recent years, the investment sales market play in Paterson was yield,” says Aviles. “Traditionally, you could get a good return while taking on some risk. Now thanks to the administration in place, the hospital's foresight and developers like The Danza Group, who have taken the initiative, an investor is going to be able to get a good product and ride the appreciation wave in a city that is coming back.”