WOOD RIDGE, NJ—High Hill, which built and has owned The Hilltopper, a 22-unit multifamily property located at 2-4 Hackensack Street in Wood Ridge, Bergen County, New Jersey for 40 years, has sold the property to KHQ Properties for $4.1 million.
The Kislak Company marketed the property on an exclusive basis for the seller, and Kislak vice president Andrew Scheinerman also procured the purchaser.
“The seller recognized after owning the property for 40 years that now was an ideal time to sell given rising rental prices in Bergen County and lending interest rates,” says Scheinerman. “With such high rents, the buyer recognized the hidden value still remaining in the units as increased income potential.”
Located on a quiet road off Route 17, the townhouse-style complex, built in 1976, includes duplex units averaging 650-square-feet each, with private balconies, wood-burning fireplaces, vaulted ceilings and hardwood flooring. The buildings containing 19 one-bedroom, 2 two-bedroom, and 1 three-bedroom apartments are all electric and have on-site parking. The Hilltopper once housed the New York Giants in the 1980s.
While there have been some renovations over recent years including the installation of new deck railings, a new roof at 2 Hackensack Street, upgraded aluminum stairs and new cabinets, KHQ expects to upgrade and renovate the complex further.
Such value-added investment is further supported by the fact that Wood Ridge rental rates have increased 13 percent vs. last year, Kislak says.
Financing was provided by ConnectOne Bank. The seller was represented by Jonathan R. Mehl, Esq. and the purchaser was represented by John Profita, Esq.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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].
