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Kislak sells six multifamily, mixed-use properties for $5.5M

Jessica Perry//May 18, 2022

Kislak sells six multifamily, mixed-use properties for $5.5M

Jessica Perry//May 18, 2022

With 22 residential units and more than 17,000 square feet of commercial space, The Kislak Co. Inc. announced six recent multifamily and mixed-use property sales May 18 adding up to $5.5 million.

347 Park Ave. in Orange is one of six properties among recent sales announced by The Kislak Co. Inc.
347 Park Ave. in Orange is one of six properties among recent sales announced by The Kislak Co. Inc. – THE KISLAK CO. INC.

Senior Vice President Don Baxter was involved in each of the transactions:

  • Kislak marketed 347 Park Ave. in Orange on an exclusive basis with Baxter managing the assignment and procuring the purchaser. The property, a four-story brick building that includes three- and four-bedroom units, sold for $1.5 million.
  • At 7300 Broadway in North Bergen, Sales Associate Max Levinston handled the assignment, with Baxter procuring the buyer for the mixed-use multifamily and retail property that was marketed exclusively by Kislak. Sold for $1.2 million, the Urban Enterprise Zone-located property has two apartments, three retail spaces and two billboards.
  • Neighboring properties at 237 Spring St. and 4 Union Place in Newton garnered $1.04 million, with Kislak marketing the property exclusively and Baxter managing the assignment; Vice President Davis Briones procured the buyer. Spring Plaza is a 8,360-square-foot retail property occupied by a Rite Aid. It and a vacant 9,000-square-foot commercial building are directly across from Newton Town Center and within walking distance of the Newton Theater, Newton Square and the Sussex County Courthouse.
  • In Hudson County, a five-unit multifamily property at 174 Highwood Ave. in Weehawken sold in an off-market sale arranged by Baxter for $995,000.
  • And 136 E. 9th St. in Passaic, a six-unit multifamily property, sold for $810,000 with Kislak marketing the building on an exclusive basis. Baxter managed the assignment with Vice President Michael Kossak procuring the buyer.

“Sellers are taking advantage of a ‘perfect storm’ with these recent sales – a climate tempered by a lack of inventory coupled with relatively low interest rates,” Baxter said in a statement. “Investors who waited during the pandemic have cash to place in safe investments such as these. Conversely, those who purchased during the pandemic have assets that have already appreciated.”

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