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Cushman & Wakefield has successfully arranged the sale of a portfolio consisting of seven former Flagstar Bank branches located throughout northern New Jersey. The properties, all of which are currently vacant, were acquired by a private buyer for a total of $4.4 million.
The transaction was facilitated by Cushman & Wakefield professionals Andrew Schwartz, Jordan Sobel, André Balthazard, and Dan Bottiglieri, who represented the seller in the deal.
The portfolio includes the following properties:
– 36 Ferry Street and 198 Jefferson Street in Newark
– 155 Central Avenue in East Newark
– 2624 and 1887 Morris Avenue in Union
– 23 Little Falls Road in Fairfield
– 949 Broadway in Bayonne
“This transaction represents a compelling adaptive reuse opportunity for well-located retail banking assets across established New Jersey submarkets,” said Jordan Sobel. “The buyer recognized the portfolio’s potential to reposition these sites for a variety of uses across the region’s dense, high-traffic communities.”
Cushman & Wakefield noted that the sale underscores broader trends in the banking sector, as financial institutions continue to consolidate their real estate holdings and re-envision their physical footprints in response to evolving customer behavior and digital transformation.
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