The new luxury rental complex in Fort Lee has been sold for $55 Million at the New Jersey complex which is now 70% leased.
The Pinnacle, a 142-unit rental building at 69 Main Street along the Palisades, was formed by Philadelphia-based Pennrose.
The complex is sold to a common venture within Blue Diamond Equities and Skywood Properties, as per the Kislak Company, a retail real estate brokerage firm based in Woodbridge, New Jersey. The sale price works out to just $390,000 per unit.
Scott Davidovic of Kislak stated that the transaction had several complex issues that they had to decide over a period of time.
The construction of the 15-story building completed and leasing started in the middle of the pandemic last year. The property is now about 70 percent leased, in which the timing has been a challenge.
According to Kislak, the building gives a mix of studios and three-bedroom units, with facilities such as exclusive kitchens, hardwood floors, and a lounge. Many units have extensive views of New York City.