“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.