Alexander Anderson Capital Group and Minotaur Management Close on 241 Main Street in Hackensack in a $3.7 Million Transaction
Alexander Anderson Real Estate Group to Name Property ‘Empire West,’ Restore it to its Art Deco Splendor and Market Office Space for Lease to Small and Midsized Businesses
Alexander Anderson Capital Group, a real estate syndication arm and division of Alexander Anderson Real Estate Group, in conjunction with Minotaur Management, has purchased 241 Main Street in downtown Hackensack in a $3.7 million transaction. The two companies brought together small, domestic and international investors to invest in the 34,000 square-foot, historic property located between Salem and West Camden Streets, which is being named “Empire West.” Alexander Anderson Real Estate Group negotiated the transaction. As part of their investment in Empire West, the Alexander Anderson/Minotaur Management partnership will restore the 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, high-speed internet access, a new parking lot, upgraded security features, and, on the top floor, a new executive conference room and exterior patio that offer panoramic views of New York City and Bergen County.
“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,” noted Eric Anderson, CEO of Alexander Anderson. “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.
“Another unique feature that the partnership will add is the buildings’ ability to be lit with changing colored lights, “similar to the Empire State Building just to the east across the Hudson River,” Anderson noted. “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.”
Ryan Day Interiors is designing the restoration upgrades. Alexander Anderson Property Management will serve as property manager for 241 Main Street.
In addition, Alexander Anderson Real Estate Group will be responsible for leasing the property, specifically blocks of office space ranging between 400 and 5,000-square-feet located on the top five floors that are ideally-suited to small and midsized businesses. The main floor is fully- leased and occupied by Wells Fargo Bank and H&R Block among the tenants.
“Located in the heart of downtown Hackensack, Empire West is primed to take advantage of the energy and excitement of the improvements being made in the downtown’s business improvement district.” explained Eli Davidovics, founder, of Minotaur Management.
Designated as an official “transit village,” Hackensack is served by both rail and business lines that are located within walking distance of the property and is accessible to major highways, including Routes 4, 17, 80, 95 and the Garden State Parkway. The City features many restaurants, unparalleled shopping, luxury apartment living, one of the state’s premier hospitals, Hackensack Meridian Health Hospital, and Bergen County offices and services, all within its borders.
“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 , and for small businesses to establish a presence in a beautiful, high-profile building that offers luxury, technology and proximity to so much that Hackensack has to offer,” Anderson said.
About Alexander Anderson
Alexander Anderson Capital Group sponsors, acquires and redevelops projects in downtown areas that are undergoing a revitalization in conjunction with small or individual real estate investors.
Alexander Anderson Real Estate Group is a full-service commercial real estate firm that provides clients with an extensive range of services including office, industrial, medical, retail and residential brokerage; investment sales; tenant representation; property management and construction management. Based in Hackensack, NJ, the firm also has offices in Jersey City and Pompton Lakes, New Jersey.