210 Main Qualifies for “First Use” Designation for Opportunity Zone Investors
HACKENSACK, N.J., May 31, 2019 – Cushman & Wakefield’s New Jersey-based capital markets team has been retained to market for sale a two-building, luxury 126-unit multifamily property on Main Street in downtown Hackensack. The offering is targeted at opportunity zone investors who are seeking an investment with the ability to avoid the uncertainty and risk of entitling land and construction, according to Cushman & Wakefield Executive Managing Director, Brian Whitmer. Both buildings are full renovations of existing structures that have remained vacant in excess of five years, and will be delivered completed but unleased, qualifying for opportunity zone “first use” designation.
Known as 210 Main, the nearly 1.6-acre property includes a four-story building located at 214 Main Street and an 11-story building located at 210 Main Street. In addition to the existing structures, a 0.81-acre parking lot located in the rear of the buildings at 210 Moore Street is zoned for residential redevelopment, with conceptual plans completed for a 16-story building totaling an additional 192 units. The property has an in-place, 25-year real estate payment in lieu of taxes (PILOT) agreement.
210 Main Street, a high-rise that serves as one of the city’s landmarks, is being transformed into an 89-unit residential community with a grand entrance, porte cochère and stunning views of the Manhattan skyline. “As one of the city’s tallest and most architecturally significant structures, 210 Main Street blends old and new, featuring a historical façade, high ceiling heights, and a state-of-the art interior retrofit including a large fitness center and common lounge,” noted John Alascio, Executive Managing Director, Equity, Debt, & Structured Finance. Alascio and Whitmer are heading the assignment with Andrew Merin, David Bernhaut, Gary Gabriel, Sri Vankayala, Ryan Dowd and Mark Phillips.
The adjacent 214 Main Street, highlighted by a newly completed interior renovation, offers 37 residential units. Residences property-wide feature high quality finishes, hardwood floors, stainless steel appliances, quartz countertops and in-unit washers/dryers, 12-foot average ceiling heights, among other features. Shared amenities include WiFi and game lounges, outdoor barbeque and dining areas, personal storage space, a bike room and a laundry room to handle larger loads than the in-unit washer/dryers.
“This location in the heart of downtown Hackensack has proven to appeal to residents seeking a well-amenitized, urban, walkable living atmosphere that has ease commutability,” Alascio noted. “Multiple public transit options including a 40-minute train ride to New York Penn station, nearby bus depot, and proximity to major highways adds further appeal. We anticipate strong interest in this attractive, and unique opportunity zone investment play.”
Based in East Rutherford, Cushman & Wakefield’s New Jersey capital markets team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.