Fort Lee Chamber Member, Realtor Brokers Major Deal

The president of a Moonachie-based real estate company and of the Fort Lee Regional Chamber of Commerce announced recently a multi-million-dollar, multi-family sales transaction in Hasbrouck Heights.

Jamie Weiss, president of Weiss Realty, announced that the company had sold the 338-unit Skyline and Boulevard apartment complexes to the New York-based Kushner Companies for the tidy sum of $57.5 million.

Weiss Realty represented what it called the “multi-generational” owners in one of the “largest real estate transactions” in recent Bergen County history, according to the company.

Jaime and Matthew Weiss brokered the transaction on behalf of Herbert Klein and Hekemian & Company, according to Weiss Realty.

“Our close relationship with the Klein family and our local Bergen County area market knowledge played an important role in the completion of this deal,” said Jaime Weiss in a statement announcing the sale. “This is the highest price on record we are aware of for a garden apartment complex in Bergen County and speaks volumes for the property owners, Hekemian & Company and Herbert Klein, recognized leaders in apartment rental property ownership and management.”

Weiss credited the unprecedented sales opportunity to the fact that “multi-family vacancies are in the low single-digit range,” and that rent growth is on the rise.

The Boulevard Apartments, which include 214 units, were built in 1948, and the Skyline Apartment Complex is a seven-building, 124-unit “garden style” multi-housing property, according to Weiss Realty, which also said that multi-family apartment investments are “considered the most active segment in today’s real estate market.”

Jaime and Matthew Weiss of the nearly 45-year-old company oversee and actively participate in all transactions and manage a portfolio of more than 2 million square feet.