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Historic Hackensack property purchased for $3.7 million

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Empire West, at 241 Main St. in Hackensack.
Empire West, at 241 Main St. in Hackensack. - ()

Alexander Anderson Capital Group and Minotaur Management announced on Wednesday the $3.7 million purchase of an historic property in the heart of downtown Hackensack.

The two partners brought together small, domestic and international investors to invest in “Empire West,” located at 241 Main St. between Salem and West Camden streets.

The Alexander Anderson/Minotaur Management partnership will 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 Bank and H&R Block, among others.

“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,” Alexander Anderson CEO Eric Anderson said. “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.”

Designated 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.

Anderson noted the building’s ability to be lit with changing colored lights, similar to the Empire State Building just across the Hudson River.

“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,” he said. “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.”

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Elana Knopp

Elana Knopp

Elana Knopp covers all things real estate for NJBIZ. You can contact her at eknopp@njbiz.com.

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