NAI James E. Hanson Negotiates Sales to Bring Latest Multifamily Community to Downtown Hackensack

Dec 28, 2022

Hackensack, N.J. (January 4, 2023)NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces the sales of 359 and 375 Main Street in Hackensack, N.J. NAI James E. Hanson’s Jonathan Kristofich, Michael Walters, SIOR, and Cameron Silverstein, were exclusively retained by the seller, Westwood 20 Realty, LLC, and procured the buyer, 359 Main Street Partners, LLC.

Strategically located at the corner of Main and Passaic Streets, the 1.06-acre, two-lot assemblage is in both the Downtown Main Street Rehabilitation Zone and a Qualified Opportunity Zone (QOZ). In January 2022, the property was site plan approved for 110 residential units.

In June 2022, the initial developer canceled the contract. At that time, NAI James E. Hanson was able to negotiate and secure an assignment and assumption agreement allowing Westwood 20 Realty, LLC, to assume the 375 Main Street contract and take receipt of the developer’s plans and due diligence material. Along with the assignment and assumption, the 375 Main Street seller, Mekava Realty Associates, LLC, also provided an additional 90-day extension to allow NAI James E. Hanson to jointly market the properties as a site plan-approved project. Leveraging their deep experience in the market and creativity, NAI James E. Hanson procured a buyer to simultaneously close on both properties in an all-cash transaction.

“This transaction exemplifies the tenacity that is required to be a real estate broker, especially when representing sellers of redevelopment sites,” said Kristofich. “After two years in contract, we were back at square one. Rather than walk away, our client placed a tremendous amount of faith in our team to assume the 375 Main Street contract, coming out of pocket for more than $150,000 to do so. Through a determined effort, we were able to procure a buyer, negotiate an as-is contract and help the buyer satisfy their concerns to close this site in a timely fashion. We look forward to the groundbreaking in 2023.”

To stay connected with NAI James E. Hanson and for updates on the latest transactions and news, please follow NAI Hanson on Facebook, Twitter, and LinkedIn.

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