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

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.

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.”