HACKENSACK, NJ—Massey Knakal has arranged the $14 million sale of a luxury, 40-unit, eight-story 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 building contains approximately 90,000 square feet. Built 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,” says David A. Simon, executive managing director, Massey Knakal New Jersey.
“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,” says Massey Knakal's Seth Pollack, who represented the seller in this transaction. George Eggers of KenKap Realty Corp. represented the buyer.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
