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HACKENSACK, NJ – The Carlyle, a prominent luxury high-rise apartment building in the heart of this Bergen County seat, has been sold for just less than $23.6 million. For the 13-story, 128-unit complex, that sale price factors out to just shy of the $184,000 mark.

Brokers from the Livingston, NJ-based Gebroe-Hammer Associates orchestrated the transaction for the high-profile property. Managing director Ken Uranowitz, VP Greg Pine and sales associate Steven Follman represented seller Hekemian & Co., a locally based company that is a major owner of multifamily, retail and mixed-use properties in Northern New Jersey and elsewhere in a portfolio valued in the $1-billion range. The trio of brokers also procured the unidentified buyer, which was described only as a private New Jersey-based investment group.

“The Carlyle is at the center of Hackensack’s best residential neighborhood,” says Uranowitz, noting that its 380 Prospect Ave. location is surrounded by a mix of single-family, mid-rise and high-rise residential buildings, commercial offices and the well-known Hackensack University Medical Center and related medical offices.

According to Gebroe-Hammer’s market stats, residential occupancy rates for the area overall top the 98% mark, providing “a major lure for investors looking to enhance their net operating income through rent appreciation,” Uranowitz says. “It’s rare that a property of this caliber comes to market in Bergen County, where multifamily housing product is being acquired at an unprecedented rate. The sale coincides with a market inundated by both seasoned and first-time investors at a time when the supply of multifamily housing product in all class categories is extremely limited.”

As far at the building itself, it was built in the 1970s and consists of 89 one-bedroom and 39 two-bedroom apartments. The site also includes 200 parking spaces for tenants, with approximately two-thirds of those in an underground garage and the rest in an outdoor lot.

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