Luxury Hudson County MF on Former Industrial Site Sells for Just North of $25M
“Hudson County is among the hottest development markets, especially for multifamily properties, in the Tri-State Area,” says Kislak's Scott Davidovic.
NORTH BERGEN, NJ—A new five-story class A apartment complex built on a former industrial site has traded for $25.4 million. The property, Plaza 53, has 122 units at 1122 53rd Street in North Bergen, Hudson County, NJ.
The Kislak Company brokered the transaction, which represented the completion of the development of the 2.32-acre parcel over the past five years. Kislak also handled the sale of the industrial tract in 2013 for $3.6 million.
Senior vice president Scott Davidovic represented the seller and developer, 1122 53rd Street Urban Renewal, and president Robert Holland represented the purchaser, RK 53 Urban Renewal.
“Hudson County is among the hottest development markets, especially for multifamily properties, in the Tri-State Area,” says Davidovic. “The seller-developer capitalized on the demand for new luxury product, which many investors are seeking.”
The property offers a wide choice of floor plans for three units – one bedroom/one bath, one bedroom/den/two baths, and two bedrooms/two baths. Square footage ranges from 785 to 1,015 with monthly rents starting at $1,850 for the smallest units and upwards of $2,295 plus for the largest units.
“North Bergen is an extremely strong market given its population and proximity to New York City and points throughout northern New Jersey,” says Holland. “This sale presented an opportunity for the purchaser to acquire a new luxury apartment building in the heart of the city, only minutes from the waterfront and Manhattan.”
The building’s amenities include a fully equipped fitness center with steam and sauna; clubhouse with media/game room; business center; and outdoor pool in a landscaped setting. A multi-level garage offers indoor parking.
North Bergen is an “Urban Enterprise Zone,” with incentives for local businesses including reduced sales tax on goods and services that are funneled back into the township for specific economic development and physical improvement projects. It is one of the most densely populated areas in New Jersey.