NAI James E. Hanson Negotiates Complex Sales to Facilitate Redevelopment Project in Downtown Hackensack, N.J.

Aug 2, 2021

Hackensack, N.J. (August 2, 2021) – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces it has negotiated the sale of four adjacent properties designated for redevelopment at 89, 93, 95 and 107-109 Anderson Street in Hackensack, N.J. NAI James E. Hanson’s Vice President Anthony Cassano represented the buyer, Anderson Street Urban Renewal LLC, and sellers in the sale and approval of the project.

Located in one of Hackensack’s Designated Opportunity Zones and its Downtown Rehabilitation Zone, the four properties at 89, 93, 95 and 107-109 Anderson Street include two vacant 5,500 and 2,244-square-foot freestanding buildings. The entire site is within proximity to the Anderson Street train station and stands in the heart of Hackensack’s redevelopment zone. Anderson Street Urban Renewal LLC, an affiliate of McGowan Builders, recognized that the four Anderson Street lots had the potential to be the next new redevelopment project in the ongoing revival of Downtown Hackensack.

Along with their acquisition of the properties, McGowan Builders has secured approval from the City of Hackensack for the four lots to be assembled into one property in order to construct a 60,000-square-foot of mixed-use building with 224 residential apartments and approximately 4,000-square-feet of ground-level shopping.  Helping to construct millions of square feet in a wide range of market sectors since its founding in 2001, McGowan’s experience paired with its use of cutting-edge technology and innovative building techniques will ensure the project is highly sought after by residents and businesses alike.

“The sale and proposed redevelopment of this space is just one of many projects happening throughout Hackensack right now,” said Cassano. “Hackensack is in the midst of an exciting renaissance that has already seen over 3,500 modern apartment units built and thousands of square feet of retail space added. Bergen County’s capital is on the rise, and we are pleased to be able to leverage our knowledge and expertise of the northern New Jersey market to help move this project forward and drive continued investment in Hackensack’s revival.”

Having worked in real estate since 1989, Anthony Cassano has a track record of success serving northern N.J. through sale and lease negotiations and real estate consulting. A former Bergen County Freeholder and Chairman of the Board, Mr. Cassano maintains a deep understanding of market trends and trajectory, helping him unlock the maximum value for his clients.

To stay connected with NAI James E. Hanson and for updates on the latest transactions and news, please follow NAI Hanson on Facebook (www.facebook.com/NAIHanson), Twitter (@NAI_Hanson), Instagram (@NAI_Hanson), and LinkedIn (www.linkedin.com/company/nai-james-e-hanson).

About NAI James E. Hanson

Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise. NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with 300+ offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Teterboro office at 201-488-5800 or visit www.naihanson.com.

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