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Kushner Cos. Snaps Up Hackensack Apartments

Kushner Companies has acquired Prospect Place, a two-building, 360-unit multifamily complex in Hackensack, NJ. Seller and sale price weren’t divulged by HFF, which marketed the property. NJ.com reported that Greystar sold Prospect Place to Kushner for about $100 million.

“Prospect Place represents the right mix of infill Northern New Jersey multifamily product with renovation upside,” said HFF’s Jose Cruz. “Its Bergen County location with direct access to New York City attracts a wide array of tenants.”

Cruz led an HFF team that included Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval. The two-phase complex consists of an 18-story high-rise with 157 units averaging 1,331 square feet, and a four-story mid-rise building comprising 203 units averaging 1,077 square feet. Kushner acquired the property, which is 96% occupied, free and clear of existing debt.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Sale/Acquisition
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