210 and 214 Main St. in Hackensack — Courtesy: Cushman & Wakefield
By Joshua Burd
An investment group is seeking a buyer for what will become a two-building, 126-unit luxury apartment complex at the site of a historic bank tower in Hackensack.
Brokers with Cushman & Wakefield are marketing the property, which includes the 11-story bank building and an adjacent four-story structure at 210 and 214 Main St., respectively. Known collectively as 210 Main, the nearly 1.6-acre site also includes a 0.81-acre parking lot that is zoned for residential redevelopment, with conceptual plans completed for a 16-story building that would house another 192 units.
Brian Whitmer, an executive managing director with C&W’s capital markets group, said the team is targeting investors under the federal Opportunity Zone program. Both buildings are full renovations of existing structures that have remained vacant for more than five years and will be delivered completed but unleased. That means the site qualifies for a so-called first use designation under the program — which provides tax benefits to investors in certain distressed and low-income census tracts — but will allow a buyer to avoid the uncertainty and risk of entitling land and construction.
The completed project will include 89 units at 210 Main St., one of the downtown’s most distinctive properties, which will feature a porte cochère and 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,” said John Alascio, executive managing director with C&W’s equity, debt and structured finance team.
The brokerage team said the adjacent 214 Main St., which has a newly renovated interior, offers 37 residential units with high-end finishes, interiors and appliances. Shared amenities include WiFi and game lounges, outdoor barbeque and dining areas, personal storage space and a bike room.
The overall development site has an in-place, 25-year payment in lieu of taxes agreement with the city of Hackensack, according to a news release. The rear parking lot that is zoned for additional development sits along 210 Moore St.
Alascio and Whitmer are heading the assignment with Andrew Merin, David Bernhaut, Gary Gabriel, Sri Vankayala, Ryan Dowd and Mark Phillips. They did not identify the seller by name.
“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 said. “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.”
Hollister Construction Services is managing the rehabilitation of the historic buildings, working on behalf of Heritage Capital Group. The construction management firm noted that the buildings will be connected by a new walkway bridge.