A 19th-century warehouse in downtown Hackensack, New Jersey has been sold to a developer who plans to turn the building into about 30 loft-style apartments.
Minotaur Management of Hackensack paid $1.275 million for the building. The deal is the first multifamily investment in New Jersey for Minotaur, which has developed properties in the white-hot Bushwick section of Brooklyn.
“I love the idea of taking over beautiful old buildings and repurposing them,” said Minotaur’s chief executive officer, Eli Davidovics of Teaneck.
The project will probably take about two years, he said, adding that it’s too early to estimate how much the work will cost or how much the apartments might rent for.
Photo courtesy of Alexander Anderson Real Estate Group.