The Kislak Company, Inc. sells the Pinnacle in Fort Lee, NJ for $55.35 Million
- MAREJ
- Jun 22, 2021
- 2 min read
Fort Lee, NJ — The Kislak Company, Inc. announced the sale of The Pinnacle, a new luxury high-rise apartment building in Fort Lee for $55.35 million. The property is located at 69 Main St. along the Palisades on New Jersey’s Gold Coast.
Kislak marketed the property on an off-market basis with senior VP Scott Davidovic leading the assignment on behalf of the developer-seller, 69 Main St. Fort Lee Urban Renewal. Senior VP Justin Lupo procured the purchaser, a joint venture between Blue Diamond Equities and Skywood Properties.
“Our assignment began in the middle of the pandemic and lease-up of the building,” said 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 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.”
Completed in 2020, The Pinnacle is a 15-story luxury high-rise apartment building with 142 units, which include studios and one-, two-, and three-bedroom units.
The property is ideally located in a well-established neighborhood along the Palisades within walking distance of all of life’s necessities only minutes from New York City via the George Washington Bridge or ferry.
At the time of closing, the property was 70% occupied and still in lease up. 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.
