17 Mercer St. in Hackensack — Courtesy: Alexander Anderson Real Estate Group
By Joshua Burd
A developer plans to convert a historic warehouse building in downtown Hackensack into loft apartments, as part of the Brooklyn-based firm’s first multifamily investment in New Jersey.
Alexander Anderson Real Estate Group, the broker in the project, said Thursday that Minotaur Management had acquired 17 Mercer St. and the note on a neighboring property for $1.4 million. Its plans call for converting the 20,000-square-foot site, which was built in the 1800s, into more than 30 loft-style units.
“The property is located within Hackensack’s special improvement district located in the city’s downtown area, which is already undergoing meaningful change,” Eric Anderson, CEO of Alexander Anderson, said in a prepared statement. “Minotaur Management saw the change that is already starting to take hold here in our revitalized downtown area and the enormous potential it offers area residents, visitors, merchants and restaurant owners, and real estate owners and managers alike.”
Alexander Anderson represented both the private seller and Minotaur Management in the sale.
The four-story property, which sold for $1.275 million, most recently served as a warehouse for a records storage company and features high ceilings. The seller also held a $125,000 note for 21 Mercer St., where a restaurant is currently located.
“We hope to realize the same kind of success in Hackensack that we had in redeveloping multifamily properties in the Bushwick section of Brooklyn just as that area began its renaissance,” Minotaur Management CEO Eli Davidovics said. “We already see some of the same trends and initiatives here and we are very excited to be part of that kind of change once again.”
The deal comes a week after Hackensack city officials announced the selection of Russo Development and Hornrock Properties for a new $86 million mixed-use project near the downtown. That project calls for redeveloping a 4.3-acre surface parking lot into 338 apartments and retail space, the latest piece of the city’s effort to revitalize its central business district.
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Anderson also noted that the effort has led to the growth of an arts and culture scene in the city. He noted that the lofts that Minotaur plans to build “will potentially appeal to creative types who prefer to rent something that looks and feels just a little different, as well as young professionals who are drawn to a vibrant cultural scene close to home, and at the same time, affords an easy commute to the city and points west.”