Hackensack Multifamily in Opportunity Zone on Market for Sale
Both renovated buildings have remained vacant in excess of five years, and will be delivered completed but unleased, qualifying for opportunity zone “first use” designation.
HACKENSACK, NJ—A two-building, luxury 126-unit multifamily development on Main Street in Downtown Hackensack is on the market for sale. The offering is targeted to federal opportunity zone investors.
The property ownership has Cushman & Wakefield’s New Jersey-based capital markets team to market the complex for sale. Cushman & Wakefield executive managing director Brian Whitmer says the property should be attractive to investors that seek to avoid the uncertainty and risk of entitling land and construction.
Both renovated buildings have remained vacant in excess of five years, and will be delivered completed but un-leased, qualifying for opportunity zone “first use” designation.
The nearly 1.6-acre property includes a four-story building located at 214 Main St. and an 11-story building located at 210 Main St. In addition to the existing structures, a 0.81-acre parking lot located in the rear of the buildings at 210 Moore St. is zoned for residential redevelopment, with conceptual plans completed for a 16-story building totaling an additional 192 units. The property has an in-place, 25-year real estate payment in lieu of taxes (PILOT) agreement.
210 Main St., a high-rise that serves as one of the city’s landmarks, is being transformed into an 89-unit residential community with a grand entrance, porte cochère and views of the Manhattan skyline. “As one of the city’s tallest and most architecturally significant structures, 210 Main St. blends old and new, featuring a historical façade, high ceiling heights, and a state-of-the art interior retrofit including a large fitness center and common lounge,” notes John Alascio, executive managing director, equity, debt, & structured finance. Alascio and Whitmer are heading the assignment with C&W’s Andrew Merin, David Bernhaut, Gary Gabriel, Sri Vankayala, Ryan Dowd and Mark Phillips.
The adjacent 214 Main St., highlighted by a newly completed interior renovation, offers 37 residential units. Residences property-wide feature high quality finishes, hardwood floors, stainless steel appliances, quartz countertops and in-unit washers/dryers, 12-foot average ceiling heights, among other features. Shared amenities include WiFi and game lounges, outdoor barbeque and dining areas, personal storage space, a bike room and a laundry room to handle larger loads than the in-unit washer/dryers.
“This location in the heart of downtown Hackensack has proven to appeal to residents seeking a well-amenitized, urban, walkable living atmosphere that has ease commutability,” Alascio notes. “Multiple public transit options including a 40-minute train ride to New York Penn Station, nearby bus depot, and proximity to major highways adds further appeal. We anticipate strong interest in this attractive, and unique opportunity zone investment play.”