NAI Hanson Announces Land Sale in North Haledon, N.J.
NAI HANSON ANNOUNCES LAND SALE IN NORTH HALEDON, N.J.
- Distressed Debt Activity Creates Opportunity in Current Economic Climate -
NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, today announced that the firm represented both the seller and buyer in the sale of a first mortgage position in a 20-acre parcel of vacant land at 920 Belmont Avenue in North Haledon, N.J. The sale of this first mortgage was significantly below face value; the property is currently zoned for affordable senior housing.
NAI Hanson Associate Vice President Darren M. Lizzack coordinated the transaction for the seller of note, William Dworetzky and Katherine Dworetzky, and the purchaser, 920 Belmont Associates.
Lizzack explained that the listed seller was owned by the previous property owner and the mortgagor has been in default for the past few years. The buyer will have to foreclose on the developer in order to obtain title to the property and then obtain approvals for future development of the site.
“There is a lot of distressed debt out in the market today and this creates remarkable opportunity for groups to obtain property for a substantial discount and turn bad real estate deals into successful ventures,” said Lizzack. “This is a trend that will continue until the market stabilizes.”
About NAI James E. Hanson
Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.
NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with over 350offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Hackensack office at 201-488-5800 or visit www.naihanson.com.
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