2B — May 21 - June 17, 2021 — New Jersey — M id A tlantic Real Estate Journal


N ew J ersey

SVP Scott Davidovic & Justin Lupo arrange off-market sale of 142-unit new luxury high-rise The Kislak Company, Inc. sells the Pinnacle in Fort Lee, NJ for $55.35 Million

ORT LEE, NJ — The Kislak Company, Inc. announced the sale of The Pinnacle, a new luxury high-rise apartment building in Fort Lee for $55.35 million. The property is located at 69 Main St. along the Palisades on New Jersey’s Gold Coast. Kislak marketed the property on an off-market basis with se- nior VP Scott Davidovic lead- ing the assignment on behalf of the developer-seller, 69 Main St. Fort Lee Urban Renewal. Senior VP Justin Lupo pro- cured the purchaser, a joint venture between Blue Dia- mond Equities and Skywood F

enabled us to close relatively quickly. It was a classic ex- ample of a tough deal making brokers even more resilient.” “The Gold Coast market continues to command the attention of both private and institutional investors na- tionwide,” said 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 profes- sionalism while working to close, and the parties appre- ciated Kislak’s unparalleled regional expertise and net- work 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 is ideally lo- cated in a well-established neighborhood along the Pali- sades 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. Financ- ing was arranged by David Singer of Calloway Capital and provided by MF1 Global . The purchasers’ attorneys were Brian Shemesh of Giordano Halleran & Cies- la PC and Neil Fink of Fink & Zelmanovitz PC. Davidovic joined Kislak in 2006 and specializes in the sale of multifamily properties with a focus on land and develop- ment 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. Lupo joined Kislak in 2014 and specializes in the sale of multifamily and other investment properties in cen- tral New Jersey and eastern Pennsylvania. After his first year with Kislak, he also re- ceived the firm’s Rookie of the Year award, and he also re- ceived the firm’s Sima Kislak Jelin Salesperson of the Year award in 2020 and 2018 and Producer of the Year award in 2019. Lupo’s investment sales total more than $400 million. MAREJ

Properties. “Our assignment began in the middle of the pandemic and lease-up of the building,” said Davidovic. “The transaction had several complex issues that we had to resolve over a several month period. Ultimately, all issues were resolved, which Scott Davidovic Justin Lupo

The Pinnacle


East Orange, NJ 80-Unit Portfolio Joni Sweetwood ext 273

Hackensack, NJ 17 Townhomes Daniel Lanni ext 248

Summit, NJ 10 Townhomes Joseph Keenan ext 256

Jersey City, NJ 7 Units Jeff Squires ext 246 Davis Briones ext 370

Long Branch, NJ 6 Units + 1 Retail Daniel Lanni ext 248

Holmdel, NJ 12± Acres for Redevelopment Matt Weilheimer ext 253

The Kislak Company, Inc. | kislakrealty.com | 732 750 3000

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