Kislak secures $3.15M for Newark, East Newark multifamily portfolio

With a total of 20 units, The Kislak Co. Inc. announced Dec. 15 it recently arranged the sale of a multifamily portfolio in Newark and East Newark for $3.15 million.

Kislak marketed the portfolio on an exclusive basis with Vice President Julie Gralla handling the assignment on behalf of the sellers, Jackson Street LLC, FKJ Realty Holdings LLC and 442 John Street LLC, in addition to procuring the buyer, MFP Realty.

The portfolio includes three buildings:

• a four-story, eight-unit, brick building at 96 Jackson St. in Newark
• a three-story, six-unit, brick and vinyl-sided building at 65 Lang St. in Newark
• a three-story, six-unit, vinyl-sided building at 442 John St. in East Newark

In a statement, Gralla described the deal as challenging from the start, in particular due to rising interest rates.

“Fortunately, we overcame the challenges and secured a purchaser at an aggressive cap rate,” she said in a prepared statement. “We connected them with a bank that had a small pool of financing available at a relatively attractive interest rate and closed.”

The package features a mix of one-, two- and three-bedroom residences.

Earlier this week, Kislak announced the sale of a multifamily portfolio in Union County for $15 million.

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