Historic Hackensack Property Purchased for $3.7 Million USD

Apr 12, 2018
by Josh Anderson

HACKENSACK, NJ — Alexander Anderson Capital Group and Minotaur Management are broadcasting the $3.7 Million USD purchase of an historic property in the center of downtown Hackensack. The two partners arranged together small, domestic and international investors to invest in “Empire West,” located at 241 Main Street between Salem and West Camden streets.

The Alexander Anderson/Minotaur Management partnership plans to restore the 34,000-square-foot property’s Art Déco-style architecture, which includes terrazzo floors, vaulted ceilings and a brass door entryway. Other planned improvements to the property include renovated elevators, a new parking lot and a new executive conference room and exterior patio on the top floor that offers panoramic views of New York City and Bergen County.

Alexander Anderson Real Estate Group will be responsible for leasing office space located on the top five floors, with the ground floor occupied by Wells Fargo and H&R Block, among others. Alexander Anderson CEO Eric Anderson said, “Empire West is one of only two remaining properties in Hackensack that were built in the 1930s that were not converted for residential use during the challenging office market of the last decade. As a result, we’ll be able to restore this unique property to its original splendor, while offering the latest technology and upscale amenities that befit a building with this history and stature in the Hackensack community.”

Selected as an official “transit village,” Hackensack is served by both rail and business lines located within walking distance of the property and is accessible to major highways. In addition, Anderson noted the building’s ability to be lit with changing colored lights, similar to the Empire State Building just across the Hudson River.

Anderson said, “We want people to think of the iconic Empire State Building in New York City when they see how Empire West lights up to mark certain holidays and events here in New Jersey. We believe it will become one of the most recognized office properties in Bergen County. 241 Main Street presented a unique opportunity for small investors to acquire a stake in a marquis property in a city that is undergoing a renaissance.”

Alexander Anderson Real Estate Group is a leading boutique real estate firm specializing in residential and commercial real estate, property management, finance, development, investment, and education. With offices in New York City, Bergen County, and Hudson County, Alexander Anderson is known for offering the highest level of transparency and results driven service.

Minotaur Management is a boutique firm that grew out of a father and son dream of developing real estate in the great city of New York, and the need to manage the properties they built. That began almost 20 years ago, and now after successfully executing more than a dozen projects, the company is expanding and in search of larger projects while never forgetting our core values of integrity, responsiveness, and commitment to our tenants and partners.

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