Luxury rental complex in Fort Lee sells for $55M
Three developers have agreed to take on the redevelopment of the former home of the Bergen Record newspaper, according to Multi-Housing News. The Borg family, which has owned the nearly 20-acre site at 150 River Street in Hackensack since the 1940s, will see its Fourth Edition real estate development arm partner with local developers the Hampshire Companies and Russo Development to build a complex with 654 residential units and 18,000 square feet of retail space. NorthJersey.com, the Bergen Record’s online presence, noted that the Borg family had relocated its former newspaper business (it was sold to media giant Gannett in 2016) from the site in 2008. The property has sat vacant for more than a decade, but was integrated into Hackensack’s redevelopment plan in 2012. It also reportedly sits inside a designated Opportunity Zone. NJBIZ reportedthat the first stage of the development, slated to commence this summer, will deliver 272 apartments with luxury amenities. Russo and Hampshire have engaged in similar New Jersey redevelopment projects in recent years in Harrison, Kearny and Union, according to NJBIZ. The Real Deal reported earlier this month on Hampshire being approved to redevelop the 216,722-square-foot Lackawanna Plaza in Montclair. [Multi-Housing News]
