Led by vice president Robert Squires, Kislak handled the$2.25-million sale of Jefferson Gardens, a 16-unit apartmentproperty on Chestnut Street in Wallington; the $1.47-million saleof a 24-unit apartment property on Grove Street in Passaic; the$1.21-million sale of a 12-unit apartment property on PomptonAvenue in Verona; and the $775,000-sale of the Woodruff Building,an 8,333-square-foot mixed-used building on Irving Street inRahway. In each transaction Kislak was given an exclusive listingto sell each property and procured a purchaser.

|

Jefferson Gardens is a two-story brick garden apartment with 16one-bedroom apartments, all of which have separate entrances andindividual garages. Squires represented the seller and salesassociate Scott Davidovic represented the purchaser, both of whichare unnamed. Financing was provided, in part, by the seller, whowas represented by Robert A. Kaye, Esq. of Chasan Leyner &Lamparello of Secaucus, NJ; the purchaser was repped by the lawfirm of Gillespie Gillespie & Jablonski of Kearny, NJ.

|

"At over $140,000 per unit, the sale of Jefferson Gardensrepresents one of the highest per unit prices paid in BergenCounty," says Squires. "There continues to be a limited supply andstrong demand in the area, which is evident in this sale," addsDavidovic.

|

The family-owned Passaic property consists of two three-storybrick walk-up buildings with a total of 24 two-bedroom apartments.Squires represented both parties in the transaction, whilefinancing was arranged by Michael Volpe of Pergolis SwartzAssociates, Inc.

|

In Verona, the two-story brick garden apartment features fourone-bedroom and eight studio units as well as on-site parking.Sales associate Ted Brown represented the seller, who providedfinancing, and Squires represented the purchaser. "Verona is anA-plus community where buildings like this rarely trade," saysBrown. "There is a strong demand among investors for these types ofproperties in desirable areas, so Rob and I were able to quicklyfind a buyer."

|

The Woodruff Building consists of two retail units and oneresidential unit on the first floor and 11 office suites on thesecond floor. Brown represented the seller and Squires representedthe purchaser, both Kislak clients. "Rob and I were able to putthis deal together in one week and close it in less than twomonths," Brown tells GlobeSt.com, adding that the investor "wascoming off of a 1031 exchange and needed to close within 60 days."Squires adds that the buyer was able to pay all cash.

|

"Kislak continues to close transactions, especially throughoutNew Jersey," Kislak president Jeffrey Wiener tells GlobeSt.com."The investment real estate market remains strong and attractive toinvestors. We are also seeing more investors in search of smallerproperties, given the lack of other reliable investment options.The purchasers of these properties understood their long-term valueand will benefit from solid returns for years to come."

|

There is a misguided perception that deals are not getting donebecause of the national economic climate, relates Robert Holland,senior vice president and co-managing director at Kislak. "But ourmarket remains strong and we are still dealing with many morebuyers than sellers."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.