A senior housing building in Elizabeth recently changed hands, The Kislak Co. Inc. announced on March 30, after marketing the property on an exclusive basis.
Elizabeth Towers — a 193-unit high-rise apartment building — was sold for $14.3 million.
Kislak Senior Vice Presidents Joseph Keenan and Jeff Squires represented the seller, MMH II LLC. Marshal & Moran Inc. Executive Vice President Joni Sweetwood procured the buyer, an affiliate of longtime client Elizabeth Towers TG LLC. Lending for the sale was financed by New York Community Bank.
Located at 315 W. Grand St. in its namesake city, the 13-story building offers 193 income- and age-restricted units, pursuant to the HUD Section 236 Rental Assistance Program and a PILOT program, Kislak said.
“Elizabeth Towers is one of the premier high-rise properties in the Elmora section of Elizabeth,” Squires said in a statement. “Our team worked with the sellers and buyers who were required to obtain approvals at both the state and municipal levels, including an assumption of the PILOT program.”
According to Keenan, the property generated immediate, and robust interest, resulting “many showings, multiple bids and several meetings between the sellers and potential buyers.”
Fully occupied at the time of sale with a waiting list, the building is comprised of 72 studios, 120 one-bedrooms and one two-bedroom apartment, most of which are subsidized. It offers a concierge service and onsite parking. According to Kislak, in addition to the HUD subsidies, rental income garnered from seven rooftop antennas at Elizabeth Towers allow rents to stay below market value for tenants.
“We persevered with our longtime client to get the deal done after other brokerage companies worked on the property but failed to do so,” added Sweetwood.