Fort Lee high-rise sells for $55.35M, Kislak announces

A new luxury high-rise in Fort Lee has sold for $55.35 million, the Kislak Co. Inc. announced.

The Pinnacle, which features 142 units at 69 Main St. overlooking the Hudson River, was sold by the developer, 69 Main Street Fort Lee Urban Renewal, to a joint venture between Blue Diamond Equities and Skywood Properties.

Scott Davidovic, senior vice president with the Woodbridge-based firm, led the assignment on behalf of the seller, while Justin Lupo, also a senior vice president, procured the buyer.

“The Gold Coast market continues to command the attention of both private and institutional investors nationwide,” Lupo said in a prepared statement. “This sale exemplified two private investors’ ability to execute on an otherwise institutional acquisition.”

The 15-story building offers units in studio through three-bedroom layouts. It was 70% occupied at time of closing and still in lease-up, Kislak said.

“Our assignment began in the middle of the pandemic and lease-up of the building,” Davidovic said in a statement. “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.”

Financing was arranged by David Singer of Calloway Capital and provided by MF1 Global. The purchasers’ attorneys were Brian Shemesh of Giordano Halleran & Ciesla P.C. and Neil Fink of Fink & Zelmanovitz P.C.