210-214 Main St. in Hackensack — Courtesy: Walker & Dunlop
By Joshua Burd
A developer is seeking a buyer for a newly completed, 126-unit luxury apartment complex at the site of a historic bank tower in Hackensack, according to brokers with Walker & Dunlop.
Located at 210-214 Main St., the two-building property includes the 11-story art deco structure that Heritage Capital has restored and converted to 89 multifamily units. Adjacent to that is a four-story building that houses the remaining 37 apartments, accounting for one of the newest and most distinctive residential properties in the city.
Walker & Dunlop is marketing the property for sale on behalf of Heritage Capital.
“Originally built as office properties, current ownership completed an institutional-quality adaptive reuse of the property by converting the asset to market-rate rentals,” the brokerage team wrote in its offering materials, noting that the complex is about two-thirds leased after hitting the market early this year. “Amongst the tallest buildings in Bergen County, 210-214 Main Street is prominently located along Hackensack’s main shopping thoroughfare and one of the most visible apartment properties in the city.”
The complex is expected to draw offers of around $55 million, boasting a location some seven miles from the George Washington Bridge and in the midst of Hackensack’s burgeoning downtown. Also nearby are two NJ Transit rail stations within the city, as is the Hackensack Bus Terminal.
According to Walker & Dunlop, the apartments at 210-214 Main St. feature upscale interiors, while residents have access to amenities such as a community room, a 24-hour fitness studio and a package concierge. The offerings provide “an extremely attractive alternative to price-conscious renters along New Jersey’s Hudson waterfront,” the brokers said, pointing to Hackensack’s ongoing revitalization efforts.
Aside from the two buildings, which are connected by an enclosed bridge, the offering also includes a surface parking lot across Moore Street. Currently used by residents, the lot is zoned for residential development and could accommodate up to 16 stories and roughly 200 additional residential units, while qualifying for tax benefits under the federal Opportunity Zone program.
“Hackensack is in the early stages of a progressive transition centered on residential and commercial development to leverage off one of northern New Jersey’s best infrastructure systems,” Walker & Dunlop wrote. “As the county seat, commercial hub, and most populated city in Bergen County, Hackensack’s redevelopment plan is focused heavily on the renaissance of Main Street as the city’s original commercial and retail artery.”
The marketing team for the property includes Walker & Dunlop’s Joseph Garibaldi, Thomas Walsh, Katelyn Borovsky and Nick Vanderslice, with John Banas providing debt advisory services.