RAHWAY – CBRE Group, Inc., New Jersey’s largest commercial real estate brokerage firm, announced that it brokered the sale of an incomplete condominium project, Riverwalk at Rahway, on behalf of the seller and buyer.
CBRE NY Outer Boroughs’ Elli Klapper and Matt Giordano and New Jersey Private Capital Group’s Charles Berger completed the $2.125-million transaction.
The sale consisted of a portion of the project’s 86 townhomes in Rahway’s Essex Street Redevelopment area, along the Rahway River.
The community lies in a Transit Village within walking distance to New Jersey Transit’s Rahway Train Station, where the Northeast Corridor Line and North Jersey Coast Line converge.
Coupled with a NJ Transit bus stop, residents have quick and direct access to New York and Trenton, as well as Central New Jersey and Shore Points. It is also located near the New Jersey Turnpike, Garden State Parkway and other major highways.
In recent years, Rahway has experienced significant economic and social growth with the addition of upscale restaurants, trendy retail shops, and a number of diverse entertainment venues, all of which are within walking distance of Riverwalk at Rahway.
“The market for multi-family properties in desirable locations is very strong in Northern New Jersey,” said Berger. “This property represented an opportunity for an investor to acquire a distressed asset with significant upside in a highly sought after location.”
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