HACKENSACK — A Brooklyn developer plans to turn a warehouse once used for record storage into loft-style apartments.
Minotaur Management purchased 17 Mercer Street last month for $1.275 million, according to a press release.
The developer said the burgeoning city resembles the Brooklyn neighborhood of Bushwick before the real estate craze hit the area.
“We hope to realize the same kind of success in Hackensack that we had in redeveloping multifamily properties in the Bushwick section of Brooklyn just as that area began its renaissance,” Minotaur Management CEO Eli Davidovics said in a statement. “We already see some of the same trends and initiatives here and we are very excited to be part of that kind of change once again.”
A rally held in front of the Bergen County Courthouse against the repeal of the Affordable Care Act drew a large crowd Saturday.
The former Hackensack city property was built in the 1800’s and will be converted into an apartment building with than 30 loft-style apartments.
The New York-based real estate developer also placed a $125,000 note on the property next door, 21 Mercer Street, which currently houses a restaurant.
Alexander Anderson Real Estate Group, which represented the buyer and seller in the deal, said the sale represents the change coming to Hackensack.
The Mercer Street buildings are located within Hackensack’s special improvement district, which has a number of developments underway.
By Fausto Giovanny Pinto March 01, 2017