Northern New Jersey Community Trades for $45M

The newly built property also offers 13 affordable units.

34 Bank St. Image courtesy of Cushman & Wakefield

An affiliate of Landmark Cos. has acquired 34 Bank, a 126-unit luxury community in Netcong, N.J., for $44.5 million. CrownPoint Development Group sold the Class A property with the assistance of Cushman & Wakefield.

Spanning 4.8 acres, 34 Bank came online in 2021. CrownPoint broke ground on the community in 2019, financing the construction with a $19.9 million loan funded by Manufacturers and Traders Trust Co., Yardi Matrix data shows.

The property comprises three- and four-story buildings with one-, two- and three-bedroom apartments featuring stainless steel appliances, quartz countertops and in-unit washers and dryers. Community amenities include a clubhouse, a fitness center, fire pits and grilling stations. Thirteen of the units are affordable, according to the same data provider.

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Located at 34 Bank St. near Interstate 80 and Route 46, the community is within half a mile of DiRenzo Park and a beach area. Several dining areas along Main Street and Maple Avenue are within walking distance. The location is also close to a New Jersey Transit train station providing easy access into Manhattan.

Cushman & Wakefield Executive Director Brian Whitmer, alongside Vice Chairman Niko Nicolaou, Executive Vice Chairman Andrew Merin and Director Ryan Dowd, represented the seller. Financial Analysts Peter Welch, Will Gerlin and JP Hohl were also part of the team.

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