A portfolio of seven vacant former Flagstar Bank branches across Northern New Jersey has been sold to a private buyer for $4.4 million, Cushman & Wakefield announced today. The transaction, arranged by the firm, highlights the ongoing trend of adaptive reuse for well-located retail assets as the banking sector evolves.
Cushman & Wakefield’s team, including Andrew Schwartz, Jordan Sobel, André Balthazard, and Dan Bottiglieri, represented the seller in the deal.
The properties, which range from 755 to 3,306 square feet, are strategically located in densely populated, high-traffic communities and offer features ideal for commercial repositioning.
The sold locations include:
- Newark: 36 Ferry Street and 198 Jefferson Street
- East Newark: 155 Central Avenue
- Union: 2624 Morris Avenue and 1887 Morris Avenue
- Fairfield: 23 Little Falls Road
- Bayonne: 949 Broadway
Many of the sites feature strong commercial attributes, such as drive-through capabilities, on-site parking, and excellent visibility on major thoroughfares. Notably, one of the Newark properties includes two vacant residential units above the retail space, while the Fairfield site benefits from direct access to Route 46.
“This transaction represents a compelling adaptive reuse opportunity for well-located retail banking assets across established New Jersey submarkets,” Sobel of Cushman & Wakefield said. “The buyer recognized the portfolio’s potential to reposition these sites for a variety of uses across the region’s dense, high-traffic communities.”
The sale is a direct reflection of broader trends within the financial sector. Banks are continually optimizing and consolidating their physical footprint in response to the growing customer shift toward digital banking and changing service preferences.
The new owner is expected to capitalize on the strategic locations to repurpose these former bank branches for new commercial or mixed-use ventures.
