$17M for “River Club” Development Site in Bogota, NJ

Jonathan Stein of PCD Capital paid $17 million for a development site beside the Hackensack River at 238 W. Fort Lee Rd. in Bogota, NJ. Construction is already scheduled to start in spring 2018 on 421 luxury apartments in five buildings at River Club.

“This project will transform Bogota’s waterfront and create an exciting community,” said Kathy Anderson of Progress Capital, who represented River Development, the original developer who created the plan for River Club and got it approved. Chris Otteau of Otteau Realty Advisors represented the purchaser during the negotiations.

The 13-acre parcel includes the site of the former Hess Oil Terminal and the Sifford Pontiac car dealership between W. Fort Lee Rd. and the Hackensack River. Construction was reportedly originally scheduled to begin in 2016, though town officials didn’t approve the plan till the very end of the year.

The apartments at River Club will include 42 affordable units for low and moderate-income families, to comply with New Jersey inclusionary zoning laws.

For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson