[ad_1]
Listen to this articleA development site in Hoboken with 13,000 square feet sold for $7.5 million, marking another completed disposition by CBRE on behalf of former NRIA.
CBRE Tri-State Capital Markets Group announced the sale Feb. 29. It is the third the real estate services and investment firm has completed on behalf of AIRN Management (formerly NRIA). The property was acquired by a private developer based in Hudson County. The team of Senior Vice Presidents Fahri Ozturk and Richard Gatto as well as Vice President Zach McHale and Vice Chairman Jeff Babikian marketed the site and procured the buyer.
Located at 511-521 Newark St., the site is walking distance to the Hoboken Transit Terminal. Part of the Southwest Hoboken Redevelopment Plan, the property is an “ideal candidate” for residential development, according to CBRE.
The site is part of a more than 450 unit, seven-property portfolio. CBRE was appointed to sell the New Jersey Gold Coast package on behalf of a court appointed restructuring management team.
The team began making traction in November 2023, with the the $8.5 million disposition of a fully approved development site in Hoboken. So far, CBRE says its closed more than $21 million in transactions in Hudson County for AIRN Management.
“The closing of 511-521 Newark St. marks another successful sale on behalf of AIRN Management,” Ozturk commented. “Each and every deal to-date has been unique in their own way.
“The underlying theme is that high-quality, well-located sites in Hudson County remain of strong interest for developers,” he said.
Highlighting strategy, Gatto commented that each property in the portfolio had its own custom marketing plan. “Allowing us to target and uncover a significant pool of potential buyers,” he said.
Ponzi problems
Former private real estate investment management company National Realty Investment Advisors LLC filed for Chapter 11 bankruptcy in June 2022. That same month, NRIA was issued a cease and desist order from the New Jersey Bureau of Securities. In October, the U.S. Securities and Exchange Commission followed suit.
Last week, former NRIA Chief Executive Officer Thomas Nicholas Salzano pleaded guilty in Newark to defrauding more than 2,000 investors in a $658 million Ponzi scheme and multimillion-dollar tax evasion conspiracy.
In Hoboken, CBRE is also marketing a nearby site for a different seller. Located at 601-619 Newark St., the property is approved for 60 luxury residential units and 4,900 square feet of ground-level commercial space.
[ad_2]
Source link
