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New York & Tri-State  + New Jersey  + Apartments  |  January 9, 2023
NAI James E. Hanson brokered the sale of a development site in Hackensack, NJ, after the initial developer canceled the contract to acquire the site last June
Paul Bubny
By: Paul Bubny

NAI Hanson Brokers Deal for Hackensack Development Site

NAI James E. Hanson closed the sales of 359 and 375 Main St. in Hackensack, NJ for an undisclosed sum. The firm’s Jonathan Kristofich, Michael Walters and Cameron Silverstein were retained by the seller, Westwood 20 Realty, LLC, and procured the buyer, 359 Main Street Partners, LLC. 

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. 

In June 2022, the initial developer canceled the contract. NAI Hanson was able to negotiate and secure an assignment and assumption agreement allowing Westwood 20 Realty to assume the 375 Main contract. Along with the assignment and assumption, the 375 Main seller, Mekava Realty Associates, provided an additional 90-day extension to allow NAI Hanson to jointly market the properties as a site plan-approved project.  

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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).
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