The Kislak Company, Inc recently announced the off-market sale of luxury 142-unit high rise The Pinnacle in Fort Lee, Bergen County, New Jersey.
The 15-story high rise 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 handled on behalf of the developer/seller, 69 Main Street Fort Lee Urban Renewal, by Kislak’s Senior Vice Presidents Scott Davidovic and Justin Lupo.
The $55,350,00 purchase was a joint venture between Blue Diamond Equities and Skywood Properties. Financing was arranged by David Singer of Calloway Capital and provided by MF1 Global. The purchasers’ attorneys were Brian Shemesh of Giordano Halleran & Ciesla PC and Neil Fink of Fink & Zelmanovitz PC.
“Our assignment began in the middle of the pandemic and lease-up of the building,” said Mr. Davidovic. “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.”
“The Gold Coast market continues to command the attention of both private and institutional investors nationwide,” said Mr. Lupo. “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 property was 70% occupied at the time of closing and is still in lease-up.
The Kislak Company, Inc. is a commercial real estate brokerage firm headquartered in Woodbridge, New Jersey.