New Jersey Suburb to Host Opportunity Zone Development
The project is on track to break ground this year.
Westwood 20 Realty LLC has sold a two-property plot of land located at 359 and 375 Main St. in Hackensack, N.J. The buyer, 359 Main Street Partners LLC, purchased the assets in a jointly marketed, site plan approved transaction.
After a cancelled contract in June of last year, Westwood 20 Realty assumed the contract and assignment of 375 Main Street along with the development plans and due diligence material. The previous owner, Mekava Realty Associates LLC, permitted a 90-day extension of the contract to allow for the two properties to be sold together.
NAI James E. Hanson was retained by the seller to market both properties, procuring the buyer for an all-cash deal. 359 Main Street Partners LLC, bought the redevelopment sites under an as-is contract. Vice President Jonathan Kristofich, Executive Managing Director Michael Walters, SIOR and Associate Vice President Cameron Silverstein represented the seller and procured the buyer.
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Located at the corner of Main Street and Passaic Street in Hackensack, the lot sits within both a Qualified Opportunity Zone and the city’s Downtown Main Street Rehabilitation Zone. Together, the space totals some 1.06 acres.
In January of 2022, the land was approved for the construction of 110 multifamily units. Groundbreaking on the community is set to take place later this year. According to Yardi Matrix data, plans for the five-story community include an additional 4,652 square feet of retail space, a rooftop terrace and 156 parking spaces.
Situated in downtown Hackensack, the prospective project will be located less than a mile from the Fairleigh Dickinson University-Metropolitan Campus, in addition to numerous shopping, dining and entertainment options. Also nearby is The Current on River, a 254-unit community that secured $78 million in refinancing last year.