Massey Knakal Sells Apartment Building in Hackensack
Massey Knakal is pleased to announce the sale of an apartment building known as The Marquee. Located at 29 1st Street between Essex and Atlantic Streets in Hackensack, Bergen County, the property was sold in an all-cash transaction valued at $13,995,000.
The luxury, 40-unit, eight-story building contains approximately 90,000 square feet. Constructed in 2011, with steel reinforced concrete, the building features high-end finishes in both the common areas and units. Each unit features an open floor plan, high ceilings, granite countertops, stainless steel appliances, hardwood floors, floor-to-ceiling windows, HVAC unit, washer/dryer unit, walk-in closet, marble bathrooms with Jacuzzi tub and dual vanity sinks. The sale price equates to approximately $350,000 per apartment unit. “We were able to generate significant interest through our marketing efforts which ultimately enabled our client to achieve multiple offers,” stated David A. Simon, Executive Managing Director, New Jersey.
Located in Bergen County, the property is steps from Hackensack University Medical Center. Transportation is easily accessible to major highways and the George Washington Bridge. Access to the Port Authority Bus Terminal is available through nearby express and local bus service and the Essex Street NJ Transit rail station is within a quarter mile.
“This property was sold to a private investor who was impressed by the quality of the building and its proximity to Hackensack Hospital and the nearby train station. This sale is an example of the strength of the Northern New Jersey multifamily market,” said Massey Knakal’s Seth Pollack, who represented the seller in this transaction. The buyer was represented by George Eggers of KenKap Realty Corp.