A new luxury apartment complex in Fort Lee has been sold for $55 million.
The Pinnacle, a 142-unit rental building at 69 Main Street along the Palisades, was developed by Philadelphia-based Pennrose.
The complex was sold to a joint venture between Blue Diamond Equities and Skywood Properties, according to the Kislak Company, a commercial real estate brokerage firm based in Woodbridge, New Jersey. The sale price works out to just shy of $390,000 per unit.
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“The transaction had several complex issues that we had to resolve over a several-month period,” said Scott Davidovic of Kislak, who, along with Justin Lupo, handled the transaction.
Kislak’s Scott Davidovic and Justin Lupo
The timing may have been a challenge: Construction of the 15-story building finished — and leasing began — in the midst of the pandemic last year. The property is now about 70 percent leased.
Financing of the purchase was provided by MF1 Global and arranged by David Singer of Calloway Capital. Richard Barnhart of Pennrose signed for the seller, 69 Main Street Fort Lee Urban Renewal, which shares Pennrose’s address.
The building offers a mix of studios and one-, two-, and three-bedroom units, with amenities such as gourmet kitchens, hardwood floors and a lounge. Many units have sweeping views of New York City, according to Kislak.