First Assemblage on Main Street in Hackensack Sold

Alexander Anderson Real Estate Group, headquartered in Hackensack, NJ, announced the multi-million dollar sale of a 1.5 acre assemblage of building from 150-170 Main Street in Hackensack. The assemblage consisted of multiple sellers, 7 buildings and one parking lot.  This site will make way for a potential 14 story mixed use building, with retail and over 300 residential units.

This is the first assemblage to close on Hackensack’s Main Street and is in the area earmarked for rehabilitation by the award winning City of Hackensack Rehabilitation Plan. Hackensack, once the lifestyle center of Bergen County, NJ, has experienced a loss of commerce and residencies in the last 30 years. In 2013 the Hackensack Rehabilitation Plan was passed by the City Council laying the ground work to attract developers and residents back to the Bergen County Seat. Despite considerable buzz around the new relaxed zoning laws and enhanced access to parking and transportation no large projects were slated to begin on Main Street before this closing.  This is the first project on Hackensack’s Main Street that will make use of the new height allowances in the rehabilitation zone.

“The beauty of this assemblage is in how it was conceptualized.  When the Rehabilitation Plan passed, many talked about bringing large projects to Main Street in  Hackensack, but there were no lots large enough to accommodate serious developers,” said Eric Anderson, CEO of Alexander Anderson Real Estate Group. “Hackensack is in essence a brand new market and in need of visionaries to create opportunity. Through our extensive knowledge of the downtown area, we were able to envision the best location for a large scale mixed-use project, source and privately engage each of the building owners – convincing them to sell the all 8 parcels.  Then we found a developer who was interested in this area and negotiated each of the sales.”

Alexander Anderson Real Estate Group facilitated both sides of the transaction for this assemblage. The firm is working on over 15 other assemblages throughout Hackensack that they have put together in the same manner.

“We at Alexander Anderson Real Estate Group are looking forward to ushering in investors and developers that will transform Hackensack’s downtown,” said Anderson.  “As more of our assemblages close the downtown will become more vibrant and will once again be the heart of Bergen County.”