New Hackensack Plaza Sells for $3.45M

White Plains, NY (March 9, 2018) – Investment sales broker Northeast Private Client Group, with offices in Massachusetts, New York and Connecticut, has announced the sale of the New Hackensack Plaza located at 1820 New Hackensack Road in Poughkeepsie, NY. Bradley Balletto, regional manager in the firm’s Connecticut office, and Jeffrey Wright, licensed associate with the firm, represented the seller and procured the buyer in the $3,450,000 transaction, which closed on February 8th.

“We have a proven track record of matching our mid-market clients with qualified buyers for commercial and multifamily properties,” said Balletto. “In this instance we worked exclusively for the owners of the property to manage a highly competitive process and identity the successful buyer for the asset.”

Over the past ten years, New Hackensack Plaza has undergone gut renovations in every unit along with the replacement of all mechanical, plumbing and electrical units. The site contains approved plans for a 3,200 square-foot Pad Site along with the potential to build apartment units above the retail units (contingent upon town approval).

The seller, is K & J Partners LLC based in Fishkill, NY. The buyer, Qualamor Corp, purchased the property for a price that equates to approximately $136.93 per square foot, and a capitalization rate of 7.9-percent on current net operating income.

“Our team has a deep understanding of investment real estate with local expertise in regional submarkets from Boston to New York,” explained Edward Jordan, JD, CCIM, managing director of Northeast Private Client Group. “Our specialized knowledge and relationship-based approach provide unmatched results for our clients.”

About Northeast Private Client Group

Northeast Private Client Group is the leading mid-market investment sales firm in the region, and was recently named to the Inc5000 list of America’s fastest-growing private companies. With offices in New York, Connecticut and Massachusetts, the firm actively supports private investors looking to buy, sell or exchange mid-market properties including mixed-use, multifamily, retail and office assets. Northeast Private Client Group’s highly disciplined process is just one of the many reasons the firm has earned CoStar’s Power Broker designation year after year. To learn more, visit: www.northeastpcg.com.