The Pinnacle at 69 Main St. in Fort Lee — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The developer of a new 142-unit apartment tower in Fort Lee has sold the property for more than $55 million, under a transaction arranged by The Kislak Co. Inc.
Completed last year, the 15-story building at 69 Main St. is a mix of homes ranging from studios to three-bedrooms, with a location overlooking the Hudson River and across from New York City. Kislak represented the seller, 69 Main Street Fort Lee Urban Renewal, in the $55.35 million sale to a joint venture of Blue Diamond Equities and Skywood Properties.
“Our assignment began in the middle of the pandemic and lease-up of the building,” Kislak’s Scott Davidovic said. “The transaction had several complex issues that we had to resolve over a several-month period. Ultimately, all issues were resolved, which enabled us to close relatively quickly. It was a classic example of a tough deal making brokers even more resilient.”
Davidovic, a senior vice president, marketed the property known as The Pinnacle on an off-market basis. Kislak Senior Vice President Justin Lupo procured the buyer.
The building was still in lease-up and was 70 percent occupied at the time of the deal.
“The Gold Coast market continues to command the attention of both private and institutional investors nationwide,” Lupo said. “This sale exemplified two private investors’ ability to execute on an otherwise institutional acquisition. The purchasers demonstrated an unbelievably high level of skill and professionalism while working to close, and the parties appreciated Kislak’s unparalleled regional expertise and network of seasoned professionals necessary to close a deal of this type and complexity.”
The Woodbridge-based brokers noted that The Pinnacle has upscale apartment design and finishes, along with amenities such as a lounge. The tower is also minutes from the borough’s downtown and from New York City via the George Washington Bridge or ferry.
David Singer of Calloway Capital arranged financing, which was provided by MF1 Global. Brian Shemesh of Giordano Halleran & Ciesla PC and Neil Fink of Fink & Zelmanovitz PC served as counsel to the buyers.