July 17, 2020
Meridian Investment Sales is marketing 22 Sussex St., a multifamily development delivered pre-TCO with a 15-year PILOT program, in an Opportunity Zone in downtown Hackensack, NJ. Senior executive managing director David Schechtman and managing directors Lipa Lieberman and Abie Kassin are representing the seller.
“An Opportunity Zone focused investor is the natural buyer for this asset given the tax savings available by purchasing before the TCO is received,” said Schechtman. “In addition, given the PILOT, which will be accretive to any buyer, we also expect investors who understand the strong fundamentals and value of the Hackensack market will also be bidders on this well-located and high-quality asset.”
The six-story residential development contains 88 units ranging from studios to two-bedroom apartments and 109 indoor parking spaces across 90,000 gross square feet. The luxury, elevator building offers modern amenities including a fitness center, tenant lounge, roof deck, and package room.
For comments, questions or concerns, please contact Paul Bubny