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FORT LEE, NJ-One of the region’s prime residential properties, the Palisades, has been sold. The 41-story, 538-unit luxury rental residential building here has traded for a stunning $222.5 million, moving into the portfolio of Crescent Heights. Designed by renowned architect Costas Kondylis, the building was completed just two years ago.

The New York-based Rockwood Realty Associates arranged the sale on behalf of the sellers, the Paramus, NJ-based Vornado Realty Trust and the Hoboken, NJ-based Applied Cos. The buyer, Crescent Heights develops high-rise, major market condominiums and the building is expected to be converted to condos. Crescent Heights could not be reached for comment.

The property was on the market for just six weeks, and the closing was extended by the seller to facilitate a 1031 property exchange, according to Dan McNulty, president of Rockwood Realty. The sale price of almost $413,600 per rental unit “was the highest price per unit ever achieved on the New Jersey waterfront, and one of the largest transactions in the nation,” according to McNulty.

“The significant interest we received from REITs, pension fund advisors and condominium converters is indicative of the sustained strength of the Bergen County real estate market,” he continues.

“Within a high-barriers-to-entry market, the Palisades offered investors an extremely rare opportunity to acquire an irreplaceable asset located in one of the nation’s most desirable housing markets,” says Mark DeLillo, managing director of Rockwood Realty. “Bergen County is the wealthiest and one of the most densely populated counties in New Jersey, and has a residential vacancy rate of 4.9%”

Situated on what’s referred to as New Jersey’s “Gold Coast,” the asset overlooks the Hudson River and its units have views of Manhattan and the George Washington Bridge. Individual units, which have marble, granite and oak finishes, range up to more than 1,800 sf. The property also includes a parking garage with more than 1,000 spaces.

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