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WEST NEW YORK, NJ-Jaclyn Inc. is under contract to sell its headquarters and warehouse building here for $10 million. The company, a maker and marketer of apparel and accessories, is selling its building as a prelude to a proposed move to larger quarters within the region.
Company officials declined to name the potential buyer, identifying the party only as a developer of residential properties. A spokesman for Jaclyn indicated that the site would likely be redeveloped as a residential community.
The company did release the details of the contract. The facility itself is the 140,000-sf building at 5801 Jefferson St. in this city, located just across the Hudson River from Manhattan. Jaclyn Inc. occupies about half of the building and leases the rest to third-party tenants.
"We are looking at opportunities to move to more suitable space for our present and future needs," says the spokesman. "As part of our contract, Jaclyn and our tenants can remain in the facility for up to five months after any closing. We anticipate that if the transaction is consummated, we will move to another site in the vicinity of our present location."
Under the terms of the contract, most of the $10-million sale price, which computes to just under $71.50 per sf, is payable at closing. The option contract provides the potential buyer with an initial 90-day diligence period, plus an additional 11 months to get the necessary approvals to proceed with its residential development. Contingencies include the buyer's receipt of a mortgage commitment, completion of environmental testing and compliance and other conditions.
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