2 Dean Drive, Suite 3N, Tenafly, NJ

Sale Price of $2,008,500

The Challenge

In June of 2020, Darren Lizzack and Randy Horning was hired by the ownership of a 2,470 Sq. Ft. Medical Office Condominium located at 2 Dean Drive in Tenafly (Suite 3N); the suite had recently been constructed as a Single Operating Room facility with an ASC license attached.  At the time, only 20 procedures had been completed to obtain licensure by the State of NJ, which it received in June 2020.

Action

At first, Ownership wanted to use traditional methods to secure a buyer.  After several months had gone by, and no offers received, the Team reached out to auctioneer, Ten-X, to explore the possibility of auctioning the real estate, License, and FF&E (Fixtures, Furniture, & Equipment).

Result

By creating an online presence on various websites and partnering with Ten-X to market the property to various investors around the country, Darren and Randy were successful in selling the assets in December 2021.  The Seller was Narayanan Medical LLC and Buyer was Dr. Ramtin Kassir of Tenafly Surgery Center, LLC.

Project Team

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