Kislak sells Morristown Gateway for $8.55M

The Kislak Company Inc. on Jan. 6 announced it recently sold Morristown Gateway, a new luxury 23-unit multifamily property in Morris County for $8,550,000.

Located at 12 Ridgedale Avenue in Morristown Kislak marketed the property on an exclusive basis on behalf of the seller, Gateway LLC, with senior vice president Joseph Keenan and President Robert Holland handling the assignment. C.O.O. Jason Pucci and senior vice president Justin Lupo procured the purchaser, an affiliate of The Kamson Corp.

Completed in 2015, Morristown Gateway is a mid-rise luxury elevator building with 23 units. Amenities include spacious floorplans, gourmet kitchens, Juliette balconies, and two assigned parking spaces for each unit.

“Morristown is thriving, and the purchaser was quick to capitalize on the opportunity to acquire a Class A property that is steps from the train station, restaurants, shopping, and employment,” said Keenan. “When we began our marketing process, the response from interested parties starved for new product was overwhelming. Ultimately, in addition to price, Kamson’s terms and closing expertise won them the deal. I am very grateful to the developer, Morristown Gateway LLC, for the opportunity to work on this project and my team at Kislak for helping to complete the assignment.”

“Morristown is one of the strongest and most vibrant markets in New Jersey,” said Pucci. “This transaction marked the successful completion of a $50,000,000 three-property I.R.C. Section 1031 exchange in New Jersey and Pennsylvania for the purchaser. Our team did an excellent job arranging the sale and ensuring a successful closing.”

Kamson’s purchase of Morristown Gateway marked Kislak’s 66th transaction with them.

The property is located in the heart of Morristown, less than a quarter-mile from the train station with direct access to and from New York City and a half-mile from the Morristown Green, around the corner from the planned M Station redevelopment and across from access to Interstate 287.

At the time of closing, the property was 96% occupied.

The seller’s attorney was David Stern of Williams, Graffeo & Stern LLC and the purchaser’s attorney was Jeffrey Itzkowitz of Brach Eichler LLC.