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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