Property sale to bring new multifamily option to Hackensack

Jessica Perry//January 9, 2023

Two-lot assemblage 359 and 375 Main St. in Hackensack was site plan approved for 110 residential units in January 2022. — Two-lot assemblage 359 and 375 Main St. in Hackensack was approved for 110 residential units in January 2022. – NAI JAMES E. HANSON

Hackensack is set to expand its multifamily property options following the sale of a two-lot assemblage located in both the Downtown Main Street Rehabilitaion Zone and a Qualified Opportunity Zone.

NAI James E. Hanson recently announced it was exclusively retained by Westwood 20 Realty LLC, the seller, and procured the buyer, 359 Main Street Partners LLC, for the sales of 359 and 375 Main St. — a cumulative 1.06-acre space located at the corner of Main and Passaic streets that was site plan approved for 110 residential units in January 2022.

“This transaction exemplifies the tenacity that is required to be a real estate broker, especially when representing sellers of redevelopment sites,” NAI Hanson Vice President Jonathan Kristofich said in a statement. “After two years in contract, we were back at square one.”

According to the New Jersey-based independent full-service commercial real estate brokerage and property management firm, the initial developer of the property cancelled its contract in June 2022. Afterward, NAI Hanson negotiated and secured an assignment and assumption agreement for Westwood 20 Realty LLC to assume the 375 Main St. contract and take receipt of the prior developer’s plans and due diligence material.

“Rather than walk away, our client placed a tremendous amount of faith in our team to assume the 375 Main St. contract, coming out of pocket for more than $150,000 to do so. Through a determined effort, we were able to procure a buyer, negotiate an as-is contract and help the buyer satisfy their concerns to close this site in a timely fashion. We look forward to the groundbreaking in 2023,” added Kristofich, who handled the transaction along with Executive Managing Director Corporate Services Michael Walters and Associate Vice President Cameron Silverstein.

According to the firm, Mekava Realty Associates LLC – the seller of 375 Main St. – also provided an additional 90-day extension to allow NAI Hanson to jointly market the properties as a site plan-approved project.

In the end, NAI Hanson said it was able to procure a buyer to simultaneously close on both properties in an all-cash transaction. Financial terms of the deal were not disclosed.