The Kislak Co. Inc. recently arranged the sale of more than half the units at Tudor Court in Elizabeth.

Located at 800-822 N. Broad St., the cooperative totals 85 residences. Kislak announced the $5.2 million transaction for 46 units at the property June 21.

Kislak Senior Vice President Janet Bortz and Executive Vice President Joni Sweetwood marketed the units on an exclusive basis. The team also procured the buyer. The firm said the longtime Kislak client purchased the units in an all-cash deal. Neither the seller nor the buyer were disclosed.

Kislak said the seller operated the units as rentals that were historically fully occupied with a waiting list.

According to Bortz, the property did not take long to generate interest.

“Within two weeks of the seller engaging us on an exclusive basis, we procured a Bergen County-based buyer who proceeded at the asking price,” she commented. “The large units with below market rents offer excellent upside potential for the purchases.”

Rent.com puts the average rent for apartments in Elizabeth between $2,280 and $2,800 per month in 2024.

Special circumstances

The all-brick Tudor Court cooperative property is located in Elizabeth’s North Broad residential section, near NJ Transit, shopping and Kean University.

“Selling 46 co-op apartments within a larger building is much more complex than selling a traditional 46-unit building,” said Sweetwood. “However, by working with Janet Bortz and Jeffrey Itzkowitz of Brach Eicher, we were able to seamlessly resolve issues that stemmed from the transactional complexities.”

“Cooperatives in New Jersey require a specific knowledge and skills base to navigate the intricacies of cooperative ownership. This transaction, involving some, but not all of the cooperative units in the cooperative to a single investor, had its own unique circumstances and issues,” Itzkowitz explained in a statement to NJBIZ. “This included determining and resolving what were and were not valid liens in the chain of title and ownership of the units, and clouds on ownership of the shares of stock in the Association.

“My team at Brach Eichler has decades of experience in transactions like this, so we were able to satisfy all the buyer’s and cooperative association’s requirements to achieve a smooth and successful conclusion,” Itzkowitz stated.

According to Apartments.com, Tudor Court features one-to-three bedroom units and currently has no availabilities.

In 2016, Kislak sold 44 of Tudor Court’s units for $3.17 million.