Plaza 53 at 1122 53rd St. in North Bergen — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The developer of a newly built, 122-unit apartment building in North Bergen has sold the property for $25.4 million, in a sale brokered by The Kislak Co. Inc.
The brokerage firm touted the sale of what’s known as Plaza 53, located at 1122 53rd St., after marketing it on behalf of 1122 53rd Street Urban Renewal LLC. Kislak also represented the buyer, RK 53 Urban Renewal LLC.
Senior Vice President Scott Davidovic and President Robert Holland handled the respective assignments for the Woodbridge-based brokerage.
“Hudson County is among the hottest development markets, especially for multifamily properties, in the Tri-State Area,” Davidovic said. “The seller-developer capitalized on the demand for new luxury product, which many investors are seeking.”
The sale comes five years after Kislak brokered the $3.6 million sale of the development parcel at the location, giving way to the construction of the five-story property. The finished product includes a mix of one- and two-bedrooms, with rents ranging from $1,850 to more than $2,295.
The apartments feature high-end finishes and washers and dryers in each unit, while the property also includes amenities such as a fitness center, clubhouse, business center and outdoor pool. Kislak also touted an on-site parking garage and management, along with proximity to mass transit that provides access to Manhattan and elsewhere and Hudson County.
“North Bergen is an extremely strong market given its population and proximity to New York City and points throughout northern New Jersey,” Holland said. “This sale presented an opportunity for the purchaser to acquire a new luxury apartment building in the heart of the city, only minutes from the waterfront and Manhattan.”