EDGEWATER, NJ-Fred Daibes, the Edgewater developer who was attacked and robbed at his penthouse at the St. Moritz apartment building here last November, has sold the property he built for $120 million.
The new owner is Cornerstone Real Estate Advisors, a subsidiary of MassMutual that is based in Connecticut.
Daibes, who built the St. Moritz on 3.6 acres overlooking the Hudson River in 2004, sold the property last month, according to CoStar, the commercial real estate database. Cornerstone paid cash for the 271,000-square-foot building. The price equates to $443.73 per square foot, or $536,830 per unit at the 225-unit tower.
Daibes Enterprises, a large family-operated real estate company, designed the St. Moritz to be the ”jewel in the crown” for the Edgewater-based company, which has constructed numerous buildings in that community. The building is set on a bluff atop the Palisades overlooking the Hudson River and New York City.
The building opened with rents that were sky-high for New Jersey at the time – even on the Gold Coast – ranging up to $4,350 a month for the larger units.
Its amenities remain top-notch for today’s market: a pool with deck and cabanas facing the Manhattan skyline, a fitness center and full-service European spa. Under the management of Daibes, the St. Mortiz provided luxury hotel-type services in addition to a doorman and concierge: housekeeping and ”turndown” service, dry cleaning, car washing, fresh flowers, grocery delivery and so on.
Daibes’ home there was invaded by four people who tied him up and beat him, breaking ribs and dislocating a shoulder, and ransacked the home for $2 million in cash, gold bars and jewelry, according to Bergen County prosecutors. Three of the individuals charged with the crime were tenants at the St. Moritz. All of Daibes’ property was reportedly recovered.
Daibes has not commented as to whether the sale of the property had anything to do with the home invasion. He had already embarked on a new development project in Hackensack at the time it occurred, however.
Last June, Daibes acquired property that includes the former office of The Record newspaper at 150 River St., the New Heritage Diner and the New Jersey Naval Museum for redevelopment. His partner on that deal is James Dematrakis, who has just sold his newly built Infinity Apartments in Edgewater for $48 million(See today’s exclusive story in GlobeSt.com.)
“We see Hackensack as the next Edgewater,” Daibes said at the time of the Hackensack acquisition. Daibes said he plans to build upscale high-rise apartment buildings along the Hackensack River side of the property and mid-priced apartments above retail on River Street. He also plans to build a hotel at the site.