Rockwood inks $222m Palisades sale.Rockwood Realty Associates, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , on behalf of Vornado Realty Trust Vornado Realty Trust (NYSE: VNO) is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's. and Applied Companies, has arranged the sale of The Palisades Palisades, cliffs along the west bank of the Hudson River, NE N.J. and SE N.Y., extending from N of Jersey City, N.J., to the vicinity of Piermont, N.Y., with a general altitude of from 350 ft to 550 ft (107–168 m). , the 538-unit luxury high-rise apartment building located in Fort Lee, New Jersey Fort Lee is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 35,461. Fort Lee was formed by an Act of the New Jersey Legislature on March 29, 1904, from the remaining portions of Ridgefield Township. . The purchaser is Crescent Heights, one of the country's premier condominium developers. The property was marketed for six weeks, with the closing extended by the seller to facilitate a 1031 property exchange. This was the highest price per unit ever achieved on the New Jersey waterfront, and one of the largest transactions in the nation. According to Dan McNulty, President of Rockwood Realty, "The significant interest we received from REITs, pension fund advisors and condominium converters is indicative of the sustained strength of the Bergen County real estate market. "The Palisades' institutional quality design and construction and proximity to Manhattan has established it as one of the premier apartment communities in the New York Metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. ." Mark DeLillo, Managing Director of Rockwood Realty added, "Within a high barriers-to-entry market, The Palisades offered investors an extremely rare opportunity to acquire an irreplaceable asset located in one of the nation's most desirable housing markets. "Bergen County is the wealthiest and most densely populated county in New Jersey, with a residential vacancy rate of 4.9 %." Situated on New Jersey's "Gold Coast," the 41story residential rental complex, designed by renowned architect Costas Kondylis and completed in 2002, has stunning views of the Hudson River and the George Washington Bridge George Washington Bridge, vehicular suspension bridge across the Hudson River, between Manhattan borough of New York City and Fort Lee, N.J.; constructed 1927–31. It is one of the longest suspension bridges in the world. . The property features marble baths, granite kitchen countertops, oak floors and wall to wall windows, with apartments ranging in size from 864 square feet for a one bedroom unit, to 1,837 square feet for a three bedroom residence. |
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