Commercial real-estate firm Cushman & Wakefield announced Monday the sale of Madison House, a 48-unit luxury apartment property at 411 E. Brinkerhoff Ave., in Palisades Park situated in the Hudson Gold Coast submarket.
According to the announcement, The $16.05 million sale price factors out to nearly $334,375 per unit. Cushman & Wakefield's East Rutherford-based Metropolitan Area Capital Market Group represented the seller, Madison House Holdings, a Blumberg & Freilich Equities affiliate.
The Cushman & Wakefield team, which has completed more than $17 billion worth of transactions since 2000, closing on $1.5 billion in 2013, also identified and arranged financing for the buyer, a Manhattan-based privately held real estate firm.
Completed in 2011, the property was 96 percent occupied at closing, offers a mix of one- and two- bedroom units averaging 1,049 square feet, a two-level parking deck, and 2,400 square feet of street level retail, the announcement said.