The sale was arranged by Alexander von Summer III, managing partner of the Paramus, NJ-based Alexander Summer LLC, and co-brokered by New World Realty. Terms of the transaction, including the sale price, were not disclosed, however, sources say the building likely traded for a number in the $10 million range.
P&H Plaza has also named the Summer organization as the leasing agent and property manager for its newest acquisition, which has a tenant roster made up primarily of professional organizations. "We plan to significantly invest in updating and upgrading 440 Sylvan Ave.," according to Kim.
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