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The New York City-based real estate investment firm has acquired a 50,000-square-foot lot—55 Buena Vista Ave.—for $18.3 million. The 400,000-square-foot rental apartment development it plans to build at the site will feature 361 rental apartment units.
Toronto-based Avison Young will combine GVA with Avison Young's existing U.K. operations. The transaction is expected to close during the first quarter of 2019. London-based GVA has 1,500 employees in 15 offices in the U.K., Ireland and Poland.
“The property's location in the heart of Fairview in Bergen County helped to drive investor interest while the recent renovation and upside in rents pushed pricing,” says HFF's José Cruz.
The college and seminary hope to secure state approval so that their operations will be housed solely at its Manhattan campus at 2 Washington St. by the fall of 2019.