Plaza 53, a five-story, 122-unit apartment complex located in North Bergen, has sold for $25.4 million.
The transaction represents the completion of the development of the 2.32-acre parcel, which Woodbridge-based commercial real estate broker Kislak Co. handled in 2013 for $3.6 million.
The total sale price was $29 million.
Kislak represented seller and developer 1122 53rd Street Urban Renewal, as well as RK 53 Urban Renewal LLC, which purchased the property.
“Hudson County is among the hottest development markets, especially for multifamily properties, in the Tri-State Area,” Kislak Senior Vice president Scott Davidovic said. “The seller-developer capitalized on the demand for new luxury product, which many investors are seeking.”
North Bergen, which is one of the most densely populated areas in the state, is an Urban Enterprise Zone designated by the state to provide various incentives for local businesses.