NAI James E. Hanson on Thursday said it sold five adjacent lots spanning 30,000 square feet in Hackensack, with plans for the development of a brand-new residential community.
NAI James E. Hanson’s Anthony Cassano, vice president, represented both the seller, the estate of Donald Gonzalez, ℅ Michael Sprague, Esq., and the buyer, M&M Development LLC, in the transaction.
Located within a rehabilitation zone at 75, 77 and 81 Linden St. as well as 80 and 84 Vanderbeck Place, the properties are steps away from the New Jersey Transit Anderson Street train station and currently zoned for medium-density multifamily and offices.
M&M Development plans to develop a new residential community to continue with Hackensack’s impressive resurgence over the last several years. The new property will join the city’s approximately 4,000 planned or completed new residential units, thousands of square feet of new retail space and wide range of new community-oriented public spaces that are increasingly making it a destination for residents and businesses alike.
In addition to the sale of the five-property site, Cassano recently negotiated the sale of a nearby redevelopment site at 107 and 109 Anderson St. that was recently approved for 234 residential units and ground-floor retail.
“When a town truly commits to a redevelopment plan like Hackensack has, it’s impressive to witness all that can be accomplished,” Cassano said. “Through the addition of premier residential complexes, bountiful retail offerings as well as spacious parks and plazas, Hackensack is establishing itself as a leading place to live in northern New Jersey. I’m honored to play a role in its redevelopment, and I look forward to seeing this latest investment come to fruition.”