The Kislak Co. Inc. sold 70-unit Plainfield residential property Stony Brook Gardens for $17.5 million.
Executive Vice President Joni Sweetwood and Vice President Julie Gralla represented both parties in the sale of the property, which is located at 643-715 East Front St.
“The sale, at a record-setting $250,000 per unit for older construction, low cap rate and incredibly strong terms are a testimony to the strength of the market and our close, long-term client relationships. It was the perfect match for both buyer and seller,” Gralla said in a prepared statement.
Stony Brook Gardens is a two-story, garden apartment complex with on-site parking built in 1961. Over $500,000 of capital improvements were completed on the property before the sale, Kislak said in its Dec. 17 announcement.
The property is located within a mile and a half of banks, restaurants, shops and supermarkets and is just a mile from two commuter rail stations. There are a number of parks and recreational facilities nearby, and Routes 22 and 78 can be accessed within minutes from the property.
In recent weeks, Kislak has also handled transactions involving multifamily properties in South Orange and Kearny.i