The Hilltopper, located at 2-4 Hackensack St. in Wood-Ridge — Courtesy: The Kislak Co.
By Joshua Burd
The original developer of a 22-unit apartment complex in Wood-Ridge has sold the property after four decades, in a $4.1 million deal brokered by The Kislak Co.
The brokerage firm said it represented High Hill LLC in the sale of The Hilltopper, which sits off Route 17 at 2-4 Hackensack St. In addition to marketing the townhouse-style property, Kislak Vice President Andrew Scheinerman procured the buyer, KHQ Properties.
“The seller recognized after owning the property for 40 years that now was an ideal time to sell given rising rental prices in Bergen County and lending interest rates,” Scheinerman said. “With such high rents, the buyer recognized the hidden value still remaining in the units as increased income potential.”
ConnectOne Bank provided financing. The seller was also represented by attorney Jonathan R. Mehl, while John Profita of DeCotiis, FitzPatrick, Cole & Giblin LLP represented the buyer.
Built in 1976, The Hilltopper features duplex units averaging 650 square feet, with features including private balconies, wood-burning fireplaces, vaulted ceilings and hardwood flooring, Kislak said in a news release The property includes 19 one-bedroom units, two two-bedrooms and one three-bedroom apartment.
Scheinerman noted that there have been some renovations in recent years, but said KHQ is primed to add value through further upgrades. Apartment rents in Wood-Ridge have increased 13 percent over the past year, Kislak said.
Recent improvements include the installation of new deck railings, a new roof at 2 Hackensack St., upgraded aluminum stairs and new cabinets.
