North Bergen luxury building sells for $25M, Kislak says

By Eric Strauss
North Bergen | Apr 16, 2018 at 10:36 am

A new luxury multifamily property in North Bergen has sold for $25.4 million, according to the Kislak Co. Inc.

The five-story, 122-unit property called Plaza 53 was developed by 1122 53rd Street Urban Renewal LLC and sold to RK 53 Urban Renewal LLC, the Woodbridge-based real estate firm said in a news release.

For Kislak, Senior Vice President Scott Davidovic represented the seller, while President Robert Holland represented the buyer.

“Hudson County is among the hottest development markets, especially for multifamily properties, in the tri-state area,” Davidovic said in a prepared statement. “The seller-developer capitalized on the demand for new luxury product, which many investors are seeking.”

Kislak also originally handled the 2013 sale of the 2.32-acre parcel where the building sits, it said. The developer acquired the land for $3.6 million. Plaza 53 now bears the 1122 53rd St. address.

“North Bergen is an extremely strong market, given its population and proximity to New York City and points throughout northern New Jersey,” Holland said in a statement. “This sale presented an opportunity for the purchaser to acquire a new luxury apartment building in the heart of the city, only minutes from the waterfront and Manhattan.”

Apartments at Plaza 53 include one- and two-bedroom layouts ranging from 785 square feet to 1,015 square feet. Rents start at $1,850 a month.

Eric Strauss | estrauss@roi-nj.com | acerimrat