Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, is pleased to present exclusively for sale a multifamily development delivered pre-TCO with PILOT 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 in this transaction.
22 Sussex Street is situated in an Opportunity Zone and will be delivered pre-TCO with a 15-year PILOT program, resulting in predictable cash flow for investors and substantial long-term tax benefits. The building is an ideal investment for Opportunity Zone investors seeking immediate returns without incurring construction and regulatory risks.
“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 Mr. 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.”
Located at 22 Sussex Street in the booming New York City suburb of Hackensack, NJ, 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. Units will feature quartz countertops, wood-grain floors, tiled bathrooms, stainless steel appliances, contemporary fixtures, and in-home washers and dryers. The property has frontage on Bergen and Sussex Streets, offering excellent light and air throughout.
Hackensack has emerged as one of the choice suburbs of New York City, benefitting from its proximity to major employment hubs and retail and entertainment options. 22 Sussex Street enjoys proximity to the Bergen County Courthouse, Hackensack Meridian Medical Center, and the Essex Street New Jersey Transit station, offering a 35-minute commute to Manhattan.