NAI James E. Hanson on Monday said it helped close the sale of 359 and 375 Main St. in Hackensack from Westwood 20 Realty LLC to 359 Main Street Partners LLC.
After two years in contract, an initial developer canceled the transaction in June 2022. At that time, NAI Hanson was able to negotiate and secure an assignment and assumption agreement allowing the owner, Westwood 20 Realty, to assume the 375 Main Street contract and take receipt of the developer’s plans and due diligence material. Along with the assignment and assumption, the 375 Main Street seller, Mekava Realty Associates LLC, also provided an additional 90-day extension to allow NAI Hanson to jointly market the properties as a site plan-approved project.
Leveraging its deep experience in the market and creativity, NAI Hanson procured a buyer to simultaneously close on both properties in an all-cash transaction.
NAI Hanson’s Jonathan Kristofich, Michael Walters and Cameron Silverstein were exclusively retained by the seller, Westwood 20 Realty, and procured the buyer, 359 Main Street Partners.
Strategically located at the corner of Main and Passaic streets, the 1.06-acre, two-lot assemblage is in both the Downtown Main Street Rehabilitation Zone and a Qualified Opportunity Zone. In January 2022, the property was site plan-approved for 110 residential units.
“This transaction exemplifies the tenacity that is required to be a real estate broker, especially when representing sellers of redevelopment sites,” Kristofich said. “After two years in contract, we were back at square one. Rather than walk away, our client placed a tremendous amount of faith in our team to assume the 375 Main Street contract, coming out of pocket for more than $150,000 to do so. Through a determined effort, we were able to procure a buyer, negotiate an as-is contract and help the buyer satisfy their concerns to close this site in a timely fashion. We look forward to the groundbreaking in 2023.”