Kushner Buys 360-Unit NJ Property

The company has acquired Prospect Place, a two-building community located in Hackensack, N.J., from Greystar.
Prospect Place
Prospect Place

Kushner Cos. has purchased Prospect Place, a 360-unit community in Hackensack, N.J. HFF exclusively marketed the property on behalf of the seller, Greystar. The property traded free and clear of existing debt.

Located at 300 and 310 Prospect Ave., the property is some 20 miles from downtown New York via interstates 80 and 95. The New York City metropolitan area is also accessible via the New Jersey Transit Anderson Street station. Prospect Place features an 18-story and a four-story building, comprising 157 units and 203 units, respectively.

Community amenities include:

  • outdoor lap pool with sundeck
  • landscaped courtyard
  • grilling stations
  • fitness centers
  • billiards room
  • resident lounges
  • concierge service
  • 653 covered parking spaces

“Prospect Place represents the right mix of infill Northern New Jersey multifamily product with renovation upside,” said Jose Cruz, senior managing director at HFF, in prepared statements. “It’s Bergen County location with direct access to New York City attracts a wide array of tenants.”

HFF’s investment advisory team representing the seller included Cruz, Managing Director Kevin O’Hearn, Senior Directors Michael Oliver and Stephen Simonelli, and Director Marc Duval.

Image courtesy of Yardi Matrix