S.V.P.s Scott Davidovic and Justin Lupo Arrange Off-Market Sale of
142-Unit New Luxury High-Rise
WOODBRIDGE, N.J., April 29, 2021 – The Kislak Company, Inc. announced the recent sale of The Pinnacle, a new luxury high-rise apartment building in Fort Lee, Bergen County, New Jersey, for $55,350,000. The property is located at 69 Main Street along the Palisades on New Jersey’s Gold Coast overlooking the Hudson River and New York City.
Kislak marketed the property on an off-market basis with Senior Vice President Scott Davidovic leading the assignment on behalf of the developer-seller, 69 Main Street Fort Lee Urban Renewal. Senior Vice President Justin Lupo procured the purchaser, a joint venture between Blue Diamond Equities and Skywood Properties.
“Our assignment began in the middle of the pandemic and lease-up of the building,” said Mr. Davidovic. “The transaction had several complex issues that we had to resolve over a several month period. Ultimately, all issues were resolved, which enabled us to close relatively quickly. It was a classic example of a tough deal making brokers even more resilient.”
“The Gold Coast market continues to command the attention of both private and institutional investors nationwide,” said Mr. Lupo. “This sale exemplified two private investors’ ability to execute on an otherwise institutional acquisition. The purchasers demonstrated an unbelievably high level of skill and professionalism while working to close, and the parties appreciated Kislak’s unparalleled regional expertise and network of seasoned professionals necessary to close a deal of this type and complexity.”
Completed in 2020, The Pinnacle is a 15-story luxury high-rise apartment building with 142 units, which include studios and one-, two-, and three-bedroom units. The property offers all modern luxury amenities including gourmet kitchens, hardwood floors and a lounge, and many units have sweeping views of New York City.
The property is ideally located in a well-established neighborhood along the Palisades within walking distance of all of life’s necessities only minutes from New York City via the George Washington Bridge or ferry.
At the time of closing, the property was 70% occupied and still in lease up. Financing was arranged by David Singer of Calloway Capital and provided by MF1 Global. The purchasers’ attorneys were Brian Shemesh of Giordano Halleran & Ciesla PC and Neil Fink of Fink & Zelmanovitz PC.
Mr. Davidovic joined Kislak in 2006 and specializes in the sale of multifamily properties with a focus on land and development throughout northern New Jersey. After his first year with Kislak, he received the firm’s Rookie of the Year award, and he also received the firm’s Sima Kislak Jelin Salesperson of the Year award in 2014. Mr. Davidovic’s investment sales total more than $300 million.
Mr. Lupo joined Kislak in 2014 and specializes in the sale of multifamily and other investment properties in central New Jersey and eastern Pennsylvania. After his first year with Kislak, he also received the firm’s Rookie of the Year award, and he also received the firm’s Sima Kislak Jelin Salesperson of the Year award in 2020 and 2018 and Producer of the Year award in 2019. Mr. Lupo’s investment sales total more than $400 million.
About The Kislak Company, Inc.The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, and Delaware.
Now in its 115th year, Kislak was among a select group of firms recognized as a 2020 Power Broker by CoStar Group, Inc. and this was the firm’s 15th consecutive recognition.