In the span of a week, The Kislak Co. Inc. announced closing a series of multifamily sector sales totaling nearly $18 million across North Jersey.
The deals, covering Hudson, Passaic and Essex counties, represent 114 units and one restaurant, according to the Woodbridge-based commercial real estate brokerage, and underscore the persistent appeal of the regional market.
According to Yardi Matrix, new lease asking rents were up by nearly 5% in North Jersey in August 2023. Additionally, multifamily housing demand was positive, though down from the previous year, with 9,474 units absorbed over the past 12 months.
In Jersey City, a 13-unit building located at 272 Hoboken Ave. sold for $2.55 million, according to Kislak.
The firm exclusively marketed the property, with Senior Vice President Don Baxter and Vice President Michael Salomon representing the seller and procuring the buyer. Neither parties were disclosed.
In a statement, Baxter said multifamily properties in Hudson County “remain a safe and reliable investment.”
The five-story, brick walk-up was built in 1880, Kislak said. Situated on a 5,663-square-foot lot, each residence has individual gas heating.
“This sale shows the continued strength of the Jersey City apartment market even in a more challenging real estate market,” Baxter said.
Along with access to the intersection of Routes 78 and 139, the property is near Journal Square, Hamilton Park and the Village Historic Downtown district.
According to a statement from Salomon, new ownership plans to fully renovate the building to capitalize on its location.
“It has direct views of Manhattan and is located 30 seconds from the Holland Tunnel,” he continued. “Residents can enjoy a great scenic bike and walking path that begins at the building.”
Baxter also handled the sale of a three-building multifamily portfolio that included a six-unit property in Jersey City.
Again, Kislak had the exclusive assignment to market the buildings on behalf of the sellers, this time thanks to a referral from New York City-based Raven Property Advisors Senior Managing Director Danny Handweiler. Baxter also procured the buyers.
A single buyer purchased the Jersey City property, located at 128 St. Pauls Ave., for $1.1 million, Kislak said. A separate buyer purchased the others:
The buyers were not disclosed.
“As with all of our recent sales, financing was key,” Baxter commented. “Today’s market requires a collaborative team effort. The mortgage broker Elliot Treitel of Meridian Capital, our mutual clients, the purchasers, the attorneys and the referral broker Danny Handweiler worked tirelessly to close these sales.”
The three buildings occupy prime locations, boasting strong rental demand near mass transit.
“Despite rising interest rates, demand for multifamily properties in Hudson County remains very strong especially for properties with upside potential,” Baxter said.
Similar to 272 Hoboken Ave., Baxter described this Jersey City building on St. Pauls Ave. as “prime for renovation and rental growth.”
“The Union City and West New York buildings are on a main thoroughfare in Hudson County, and the Union City building was particularly attractive given its 40-plus unit size. The West New York building was built in 2010 and also includes below market rents,” Baxter said.
In Orange and Passaic, Senior Vice President Julie Gralla marketed two properties on behalf of their respective sellers, Hickory Corner LLC and Hobart Dayton Proud Passaic LLC:
Gralla also procured the buyers, 153 Pierson St. LLC and Bonim Realty LLC, respectively.
In Passaic, Gralla represented a repeat client; she described the buyer as a goal-driven team player.
“In an increasingly difficult selling environment, this sale exhibited the importance of teamwork and professionalism,” Gralla said. “Together, we responded swiftly to any obstacles that arose. While there will be work involved, the property offers a great deal of upside potential.”
With close proximity to Routes 21 and 46 as well as the Garden State Parkway, the Passaic property is within 1 mile of the Garfield train station, offering easy access for commuters.
In Orange, the seller was also a repeat client. Known as Hickory Corner, the three-story stucco-faced building boasts new windows and hot water heaters, renovated exterior lighting, added security cameras and a remote-controlled security gate for its parking lot. Another property with connective options, the building is walking distance to both the Brick Church and Orange train stations and near Route 280 and the Garden State Parkway.