In one of Paterson’s highest per-unit-price multifamily sale[s] to date, Colliers International NJ LLC has arranged the trade of Cooke Mills, 19 Market Street in Paterson. The Great Falls Historic District rental property drew more than three dozen tours and 18 qualified bidders – and closed within 75 days of being presented to the market.
A private regional investor purchased the 14-unit apartment property from a repeat Colliers client for $1.9 million – or $135,750 per unit. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale based in the global commercial real estate services firm’s Parsippany, N.J., office, headed the assignment. The team marketed the property in conjunction with Ten-X, an online transaction platform for commercial real estate, also leveraging Colliers’ proprietary investor database. This hybrid approach resulted in the execution of 272 confidentiality agreements.
“Strong demand, low vacancies and favorable demographics are contributing to the ongoing popularity of New Jersey multifamily within the commercial investment community,” Chesler noted. “The level of interest in Cooke Mills and the property’s ultimate per-unit sale price attest to the continuation of that trend. This transaction also speaks to growing interest and progress in the City of Paterson, which is making great strides toward revitalization. This includes significant adaptive reuse of obsolete industrial properties into thriving residential and retail product.”
Within this context, Cooke Mills is a three story, elevatored building with surface and below-grade parking. Its 14 two- and three-bedroom units are part of a larger, 20-unit project constructed in 2007. Cooke Mills has been at or near 100 percent occupancy since the seller acquired it in 2012. The brick and decorative brownstone-faced building incorporates the façade and a lower-level portion of a historic, c. 1880 mill building and features 14-foot ceilings and oversized windows. Individual units include stainless steel appliances, granite countertops, bathrooms with marble finishes, hardwood floors, and in-unit washer/dryers.
The property sits in the heart of the Great Falls Historic District, with numerous local amenities within walking distance. This includes the 10-acre Great Falls Historical Park-Garret Mountain, a national natural landmark. Cooke Mills also sits less than one-mile from I-80 and Route 19; approximately three miles from the Garden State Parkway, and routes 4 and 46; and 15 miles from Manhattan via the George Washington Bridge. The nearby Paterson Station offers rail service to Hoboken, N.J.; passengers can transfer at Secaucus Junction for service to New York Penn Station.
“These attributes all solidify Cooke Mills’ competitive advantage in the marketplace,” Chesler said. “The property’s new owner can also leverage significant upside potential in the form of increasing rents on units that are currently set at below-market rates.”
About Colliers International Group
Colliers International Group Inc. is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
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