A recent sale arranged by The Kislak Co. Inc. set what Senior Vice President Scott Davidovic characterized as a record per-unit price point for a “smaller” South Orange apartment building, working out to almost $280,000 for each apartment.
On Nov. 2, The Kislak Co. Inc. said it sold 43 Cottage St. in South Orange – an 11-unit multifamily property – for $3.075 million.
The building features three one-bedroom and eight two-bedroom apartments with, according to Kislak, “many recent improvements.”
Along with Davidovic, Senior Vice President Don Baxter and Vice President Michael Kossak from the Woodbridge-based commercial real estate brokerage represented the buyer in the transaction.
Neither the seller nor purchaser was disclosed.
“More New York City investors are turning to New Jersey given the favorable upside in rents,” Baxter said in a statement. “Here, the purchaser took advantage of the competition who were awaiting a COVID-19-related wave of price reductions that never occurred. In fact, the opposite occurred as the market has continued to strengthen.”
The apartment building includes on-site surface and covered parking. It sits four blocks in either direction from the train station and Seton Hall University.
According to Kislak, South Orange ranked as one of the Top 25 Towns in New Jersey by New Jersey Monthly magazine. Kossak described 43 Cottage St.’s location as ideal: within walking distance of downtown and boasting credibility as a transit-oriented option.
In October, Davidovic and Kossak worked together to arrange the sale of a five-building multifamily portfolio in Kearny."