WOODBRIDGE, NJ—The Kislak Company has completedseven recent investment and commercial sales throughout northernNew Jersey totaling $18,625,000.

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Vice president Scott Davidovic represented orco-represented the seller in all of the transactions, whichinclude:

  • the $7.1 million sale of 1.033 acres of land in Hoboken;
  • the $4 million sale of 0.34 acre in Hoboken;
  • the $3.9 million sale of a 55-unit multifamily property inElizabeth;
  • the $1.3 million sale of a 26-unit multifamily property inIrvington;
  • the $1.2 million sale of a 12-unit multifamily property inLeonia;
  • the $1.125 million sale of two multifamily properties with atotal of 12 units in Newark; and
  • the $600,000 sale of the mortgage and note on a 16-unitmixed-used property in Irvington.

Scott's professionalism, hard work anddedication to his clients' needs have been key to his success,”says president and co-managing director RobertHolland. “Scott continues to be a topperformer at Kislak and these seven deals are justa few examples of his latest accomplishments.”

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The first Hoboken property consists of just over one acre ofvacant land adjacent to the light rail station.Davidovic co-represented the seller andpurchaser.

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“Hoboken is a great location for future development,” saysDavidovic. “With such a demand for rentals inHoboken, it has become one of the most desirable markets in thestate.”

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The second Hoboken property consists of vacant warehouse spaceon six lots in the western portion of Hoboken.Davidovic also co-represented the seller andpurchaser.

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“The buyer purchased the property all cash, 'as is' with nocontingencies in an effort to help facilitate the approvalsprocess,” says Davidovic. “This is furtherevidence that buyers are really trying to get into Hoboken.”

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The Elizabeth property consists of a five-story elevatorbuilding with 55 residential units. The property is centrallylocated near the Elmora section of Elizabeth and KeanUniversity within close proximity to major highways andpublic transportation. Davidovic and vicepresident Jonathan Greenberg represented theseller and Greenberg represented thepurchaser.

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“A loan assumption was executed to avoid a pre-payment penalty,”says Davidovic. “We represented the seller in thesale of this property and his purchase of a Section 1031 Exchangeproperty.”

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“The purchaser was a long-time Kislak client,”says Greenberg. “Several other brokers had thelisting but Kislak was able to procure a purchaserand make the deal.”

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The Irvington property consists of a three-story brick gardenapartment building. The property offers on-site parking and largeone-bedroom units. Davidovic represented theseller and Greenberg represented thepurchaser.

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“The multifamily remains very strong throughout New Jersey wherewe are seeing high per-unit prices and low cap rates,” saysDavidovic. “This property traded at $50,000 perunit and will be gut renovated by the new owner.”

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The Leonia property consists of a 12-unit all brick garden-styleapartment building. The recently-landscaped property is located indesirable Bergen County close to Fort Lee and the George WashingtonBridge. The property includes several gut-renovated apartments, asecurity system and brand new hardwood floors. Amenities includeon-site parking and laundry. Davidovic representedthe seller and vice presidents Don Baxter andAndrew Scheinerman represented the purchaser.

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“Multifamily properties in Bergen County are in extremely highdemand,” says Davidovic. “We were able to sellthis building twice in two years.”

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The Newark properties consist of two brick buildings, eachcontaining 12 apartments with parking and garages. The propertiesare centrally located in the Ironbound section of Newark.Davidovic represented the seller andDavidovic and Greenbergrepresented the purchaser.

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“The purchaser completed a Section 1031 Exchange with thisproperty,” says Davidovic. “The seller, whoowned the property for 30 years, took advantage of the high demandand prices for multifamily properties.”

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The Irvington mortgage and note sale was for a 16-unit mixed-usebuilding with 12 apartments and 4 retail stores. The property wascompletely renovated in 2007. Davidovicrepresented both parties in the transaction.

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“We sold the mortgage and note for the lender, securing anall-cash buyer and closing in 21 days,” saysDavidovic.

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Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].