Jones Lang LaSalle
Investors Will Sell Mixed-Use Building
By Eric Peterson
FORT LEE, NJ-Le Cross House, a mixed-use building at 185-201 Bridge Plaza North, adjacent to the George Washington Bridge, has been listed for sale. Marcus & Millichap has picked up the exclusive to market the building for the ownership, a group of local investors.
The current ownership did not respond to a request for comment on the pending sale. The building consists of 130 residential condo units, of which 82 are currently for sale--the residential portion is undergoing a conversion. Also part of the building is a 44,000-sf office/retail component, as well as a 226-car parking garage.
"With apartment renovations, an investor is positioned for upside through achieving increases in rental income and by subsequent individual unit sell-offs," says Steven Siegel, a director in the Manhattan office of Marcus & Millichap’s National Retail Group, who’s heading the assignment with Jeffrey Gorodensky, a director in the firm’s National Multi-Housing Group’s New Jersey office.
"A lease-up of the current office vacancy could also dramatically increase an investor’s annual cash flow," adds Siegel. "In addition, by obtaining variances, the property offers potential upside through opportunities to place signage above the office/retail structure, open a portion of the parking garage for public use and convert the passageway from the rear parking deck into a retail space."
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
Investors Will Sell Mixed-Use Building
By Eric Peterson
FORT LEE, NJ-Le Cross House, a mixed-use building at 185-201 Bridge Plaza North, adjacent to the George Washington Bridge, has been listed for sale. Marcus & Millichap has picked up the exclusive to market the building for the ownership, a group of local investors.
The current ownership did not respond to a request for comment on the pending sale. The building consists of 130 residential condo units, of which 82 are currently for sale--the residential portion is undergoing a conversion. Also part of the building is a 44,000-sf office/retail component, as well as a 226-car parking garage.
"With apartment renovations, an investor is positioned for upside through achieving increases in rental income and by subsequent individual unit sell-offs," says Steven Siegel, a director in the Manhattan office of Marcus & Millichap’s National Retail Group, who’s heading the assignment with Jeffrey Gorodensky, a director in the firm’s National Multi-Housing Group’s New Jersey office.
"A lease-up of the current office vacancy could also dramatically increase an investor’s annual cash flow," adds Siegel. "In addition, by obtaining variances, the property offers potential upside through opportunities to place signage above the office/retail structure, open a portion of the parking garage for public use and convert the passageway from the rear parking deck into a retail space."
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
posted by Jones Lang LaSalle NJ News Blog at 9:20 AM
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