FORT LEE, NJ—The Kislak Company arranged a 98-year ground lease for Plaza Gardens, a 66-unit apartment complex at 2151-2171 Center Avenue in Fort Lee, NJ.
The transaction included an aggressive upfront fee plus an undisclosed annual ground rent based on a cap rate valuation of 5+ percent. Vice president Scott Davidovic represented the owner and sales associate Andrew Scheinerman represented the tenant.
Constructed in the 1950s, the property includes 66 apartments in eight two-story brick buildings with on-site parking, garages, and separate utilities. The property is in an excellent rental market and is ideally located in a suburban neighborhood near the George Washington Bridge and major highways with easy access to New York City and points throughout northern New Jersey.
“This is a unique transaction, but it is indicative of the booming multifamily market we're in,” says Davidovic.
“This is our second transaction with the owner and we are currently working on a third transaction with him on an exclusive basis,” says Scheinerman. “This is our fifth transaction with the tenant who plans on raising rents after upgrading units.”
The owner was represented by Richard Hubschman, Esq., of Hubschman & Roman, Palisades Park, NJ, and the tenant was represented by Steve Russo, Esq., of Russo & Russo, Ridgewood, NJ. Financing was provided by Oritani Bank. At the time of lease execution, the property was fully occupied.
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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].
