Kislak sells newly built Fort Lee High Rise for $ 55.35m
The Kislak Company, Inc recently announced the off-market sale of The Pinnacle 142-unit luxury tower in Fort Lee, Bergen County, New Jersey.
The 15-story tower was completed in 2020 and contains luxury studios and one, two and three bedroom units. Located on 69 Main Street along the Palisades on New Jersey’s Gold Coast, the property overlooks the Hudson River and New York City.
The sale was managed on behalf of the Developer / Vendor, 69 Main Street Fort Lee Urban Renewal, by Kislak Senior Vice Presidents Scott Davidovic and Justin Lupo.
The purchase of $ 55,350.00 was a joint venture between Blue Diamond Equities and Skywood Properties. Funding was arranged by David Singer of Calloway Capital and provided by MF1 Global. The attorneys for the buyers were Brian Shemesh of Giordano Halleran & Ciesla PC and Neil Fink of Fink & Zelmanovitz PC.
“Our mission started in the midst of the pandemic and the rental of the building,” Davidovic said. “The transaction involved several complex issues that we had to resolve over a period of several months. Ultimately all issues were resolved which allowed us to close relatively quickly. It was a classic example of difficult brokers to enter into even more resilient transactions. “
“The Gold Coast market continues to capture the attention of private and institutional investors nationwide,” said Lupo. “This sale illustrates the ability of two private investors to execute an otherwise institutional acquisition. The buyers demonstrated an incredibly high level of skill and professionalism while working on closing, and the parties appreciated Kislak’s unparalleled regional expertise and the network of seasoned professionals required to complete such a transaction and of this complexity.
The property was 70% occupied at the time of closing and is still leased.
The Kislak Company, Inc. is a commercial real estate brokerage firm headquartered in Woodbridge, New Jersey.