The Kislak Company, Inc., announced Monday that it has completed a 98-year ground lease for the Union Bridge Apartments in Rutherford.The Woodbridge-based real estate sales firm said in a news release that the aggregate ground rental for the initial term is $9.98 million and the lease includes a 50-year renewal option. Union Bridge Apartments is a multifamily property with 115 units, located at 152 Grand Ave. and 153 Darwin Ave.
Kislak Vice President Scott Davidovic represented the owner and Vice President Andrew Scheinerman represented the lessee.
“Kislak was engaged on an exclusive basis to market and sell the property,” Davidovic said in a prepared statement. “After careful analysis, the owner determined that a long-term ground lease would be more beneficial. Given the property’s size, Bergen County location and full occupancy, we quickly procured a local investor eager to lease the property on a long-term basis.”
Union Bridge Apartments includes nine buildings located on three acres of property. At the time of the lease, it was 100 percent occupied.
“This transaction shows the creative ways in which investors are willing to secure properties in markets, like Rutherford, that have high barriers to entry,” Scheinerman said in a statement. “Properties like Union Bridge rarely if ever come to market. As a result, our client was quick to seize the opportunity and secure a long-term lease.”
The property owner was represented by Richard Hubschman, Jr., of Hubschman & Roman, P.C., while the lessee was represented by Richard Kahn of Winne Banta and John Russo. Financing was provided by Oritani Bank.
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