In a recent off-market deal, The Kislak Co. Inc. arranged the $8.4 million sale of a three-property multifamily portfolio in North Arlington in Bergen County. According to the firm, it is the first time the properties – offering a mix of residential and retail spaces – have sold in 106 years.
Senior Vice President Scott Davidovic, Vice President Michael Kossak and Senior Vice President Andrew Scheinerman handled the assignment on behalf of Kislak. The seller was a mix of family partnerships, while the buyer is a longtime Kislak client.
“Despite rising interest rates, there is still tremendous demand from investors looking to purchase value-add multifamily properties such as these in northern New Jersey,” Kossak said in a statement. “This off-market deal had its challenges but fortunately, Andrew has a great longtime relationship with the purchaser who has an incredibly strong track record navigating and ultimately closing tough deals.”
According to a statement from Scheinerman, the portfolio covers half a city block in North Arlington, consisting of:
Ridgeview Apartments, 132-136 Ridge Road – 37 residential units and four offices (27 one-bedroom, 10 two-bedroom and four offices),
124-126 Ridge Road – four residential units and three retail spaces (two one-bedroom and two two-bedroom units), and
3 Wesley Place, a two-family home with two residential units (a one-bedroom and a two-bedroom).
Ridge Road is the borough’s main commercial and shopping area, located near schools and with access to Route 3.
“Despite many property- and partnership-related hurdles that the sellers had to overcome prior to closing, the purchaser stayed engaged on the deal for two years prior to closing,” Scheinerman added.
North Arlington ranked No. 8 on “Money” magazine’s list of Best Places to Live 2017, which cited the township’s economy, affordable homes and high quality of life.
With a convenient location in its Journal Square neighborhood, a four-story multifamily property in Jersey City was recently sold.
The Kislak Co. Inc. announced the sale of 319 Summit Ave. in the Hudson County city for $3.85 million July 5.
Vice President Davis Briones marketed the assignment on an exclusive basis and procured the buyer, 319 Summit LLC. The seller of the property was not disclosed.
Built in 1920, according to Kislak, 319 Summit Ave. measures 25,000 square feet and offers 21 units, mostly with below market-rate rents. The brick building offers a mix of 15 one-bedroom and six two-bedroom units. Three owner-occupied, two bedroom units at the property will be considered market-rate units upon their vacancy, Kislak said, in line with Jersey City rent control regulations. The firm added that future capital improvements offer a value-add opportunity to increase rents to market rates.
“There is still strong demand for value-add multifamily properties in Hudson County despite rising interest rates and somewhat stagnant cap rates,” Briones, who joined Kislak in 2014, said in a statement. “This was sub-5% cap rate deal with a 30% property vacancy and the purchaser used a private lender.”
According to the Woodbridge-based commercial real estate brokerage, local organizations are engaged in a redevelopment plan for the area that 319 Summit Ave. is located in to upgrade older buildings and bring in new businesses, housing and entertainment options. In the middle of June, Kushner celebrated the start to a transformative project in Journal Square: a nearly $1 billion, 2 million-square-foot mixed-use development that will include two, 64-story glass towers offering views of the Statue of Liberty, Ellis Island and downtown New York City.
Two Essex County multifamily properties – adding up to 55 units – recently sold for a total of $7.25 million.
The Kislak Co. Inc. announced the transactions June 24:
1280 Clinton Ave. in Irvington is a 42-unit apartment building that sold for $4.1 million
132 Milligan Place in South Orange is a 13-unit apartment building that sold for $3.15 million
Executive Vice President Joni Sweetwood exclusively marketed the properties and procured the buyers in both transactions.
The parties were not disclosed; however, according to a statement from Sweetwood, both buyers and sellers are longtime repeat clients of the firm.
“The South Orange property is a pristine brick garden apartment building well located near an office building I recently sold to the purchaser who completed a 1031 exchange with this South Orange purchaser,” she said in a statement. “The desirable elevator building in Irvington was targeted by the purchaser who asked me to pursue it.”
The Irvington property is a five-story brick building with a mix of studios and one- and two-bedroom units. It includes new windows, an underground parking garage and laundry facilities, all located next to City Hall and township municipal buildings. The property is also close to shopping and minutes from transportation options and the Garden State Parkway.
In South Orange, the two-and-a-half-story building offers a mix of studios and one- and two-bedroom units, four of which feature balconies. There are two new washers and dryers and 13 covered parking spots at 132 Milligan Place, which is within walking distance of downtown and the South Orange train station.
Two adjacent multifamily properties with a total of 45 residential units recently sold in Essex County.
The Kislak Co. Inc. announced the transaction involving 404 – 408 and 410 – 414 Union Ave. in Irvington – four-story brick buildings – for $6 million on June 21.
The firm marketed the property on an exclusive basis, with Vice President Julie Gralla handling the assignment and procuring the buyer. Neither the buyer nor the seller were disclosed.
“It was a pleasure representing both the seller, a repeat client, and the purchaser,” Gralla said in a statement. “Despite a failed deal earlier in the COVID-19 pandemic, I persevered with a firm belief in the potential of these buildings and given my relationship with the seller, which I value.
“I am thrilled we achieved the seller’s price, which is an aggressive price per unit for Irvington, but at a fair cap rate,” she added.
According to Kislak’s announcement of the sale, the buildings offer upside potential with below market rents. Built in 1940, the semi-renovated property offers four studios, 35 one-bedroom, and six two-bedroom units. The buildings have a new boiler, electrical wiring and LED lighting, and are located in the center of town—walking distance to both public transportation and near major highways.
Looking for a larger footprint in a convenient location, Aucta Pharmaceuticals Inc. acquired a five-building corporate complex located in Basking Ridge, providing nearly immediate access to Interstate 287 and within 2 miles of downtown Bernardsville.
Garibaldi’s Brian Cass and Peter Blanchard marketed the property on behalf of McElroy Deutsch throughout the pandemic, generating considerable interest from a range of potential buyers, including residential and industrial developers, colleges, hospitals, lab users and more. Lucille Karp, McElroy Deutsch’s general counsel, represented the seller in the transaction.
“Given a true lack of fully vacant buildings that users can purchase versus lease in this particular size range, this asset drew interest from an incredibly wide array of buyers,” said Cass. “We are thrilled to have completed this transaction on behalf of a long-time client of the firm.”
For Kislak, the deal marks the second Wisniewski has completed with Aucta in the past two years.
“Aucta is an innovative, growing pharmaceutical company in New Jersey that understands the demand for better quality and research to deliver the best products available to those that need them,” he said in a statement.
Situated on 8.39 acres and built in 1970, the one- and two-story brick buildings at 170 Mount Airy Road are interconnected. Parking for 190 cars is available and the property offers top-notch landscaping in addition to walking trails and gardens.
According to Kislak, the property was vacant at the time of sale. The firm said that after Aucta sets up at the site, it may offer available space to other lab or office companies looking to expand in the market.
Aucta, with locations in Piscatway and China, is a technology-based company focused on the development and commercialization of branded specialty products.
Basking Ridge serves as a base for some other big-name companies, among them Verizon Wireless, Collabera, Lawyer.com and Barnes & Noble College Booksellers.
Keyport sits along the water with a downtown bespeckled with dining and shopping options and that idyllic location was part of the appeal in a recent sale of the Keyport Village Apartments in the Monmouth County municipality.
The Kislak Co. Inc. announced the sale of the 132-unit property located at 251 Atlantic St. for $29 million June 6.
The Woodbridge-based firm marketed the property on an exclusive basis with President Robert Holland and Executive Vice President Barry Waisbrod managing the assignment on behalf of the seller, Keyport Village Apartments DE LLC, while Executive Vice President Joni Sweetwood procured the purchaser, an unnamed longtime client.
Keyport Village Apartments is comprised of six, two-story brick buildings with 22 studios, 78 one-bedroom, 30 two-bedroom, and two three-bedroom units.
“The purchaser plans to upgrade the units, which will result in higher rents,” Holland said of the sale, adding in a statement, “I am proud of our teamwork getting this done.”
Waisbrod said the seller took advantage of the strong market in deciding to sell, “knowing the update potential of the property due to its location and the quality.”
According to Kislak, the complex offers modern kitchens with upgraded stainless steel appliances and granite countertops and a mix of hardwood and carpeted floors. Along with access to downtown, amenities include a fitness center and onsite laundry.
Sweetwood said the purchase marks the buyer’s entrance to the area.
“I sold this property to a longtime client who owns many properties outside the area, so this is first-time ownership in an area attractive because of its waterfront proximity and abundant local amenities,” she explained. “With more people working remotely, many people are moving south.”
Keyport offers convenient access to the Garden State Parkway and Routes 35 and 36. Transportation services include bus routes to New York City, along with ferry service via the Seastreak Ferry Line, a 20-minute drive from Keyport Village. Throughout the summer, Seastreak also offers excursions to New England, for those seeking a break from the daily grind.
Each year, the Kislak Real Estate Institute at Monmouth University holds its annual Leadership Excellence Award Dinner to recognize contributions to the state of New Jersey, and the nation, produced through a career in real estate. At this year’s event, held June 2 at the West Long Branch campus, The Kislak Co. Inc. Chief Operating Officer Jason Pucci made an announcement that also acknowledges the importance of those professional endeavors.
Pucci said The Kislak Family Foundation pledged $2 million to establish a permanent endowed directorship for the Institute. The Jay I. Kislak Endowed Director recognizes the memory of the late Jay Kislak, who first earned his real estate license as a high school student at Newark Academy before, later in life, earning a degree in economics from The Wharton School at the University of Pennsylvania. He entered the family business in 1945.
“Jay Kislak was a patron of education and ideas,” said Pucci. “His ongoing commitment to Monmouth University allowed him to forge a living legacy by helping to develop students who will become the next generation of real estate professionals. The Kislak Family Foundation is proud to support the strategic vision of the Institute, and to facilitate regional growth, development, sustainability, and socially responsive impact.”
Kislak moved to Miami in the early 1950s and established “what would become one of the country’s largest privately held mortgage banks,” Monmouth University said in an announcement about the endowment. He originated and serviced loans across the U.S. for 40 years, serving as chairman of the Kislak Organization until his death in 2018 when he was 96.
“This significant endowment builds on the firm foundation the Kislak family established in 2006,” said Monmouth University President Patrick Leahy. “This gift will support the teaching, scholarship, and service that will be vital to the future of the Kislak Real Estate Institute and will meet the needs of aspiring real estate professionals. The continued generosity of the Kislak Family Foundation also ensures that the Institute will be well positioned to facilitate and address opportunities for economic and societal impact of real estate in our region and beyond.”
The Kislak Real Estate Institute – housed within the Leon Hess Business School – was founded at Monmouth University in 2006 with the help of a “generous and transformational gift.” According to Monmouth, the school and the Kislak Foundation were responsible for establishing the first credit-bearing academic real estate program in the state. At the time in was just one of 65 in the country; now, enrolling almost 170 students, it is one of 100 such programs nationwide.
The Kislak Family Foundation has provided ongoing support for the Institute. In 2020, it made a $1 million pledge to provide need-based scholarships for undergraduate students in pursuit of a business degree with a concentration in real estate. At that time, it also donated $100,000 to sponsor Monmouth’s annual intercollegiate real estate competition, which awards cash prizes to winning teams.
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.”
The Kislak Co. Inc. recently sold three commercial properties adding up to a cumulative $2 million and representing more than 21,000 square feet.
Handling the sales for the Woodbridge firm was Sales Associate Max Levinston, who also procured the unnamed buyers for each property. “The demand for commercial real estate investment properties in central New Jersey has been astounding,” he said in a May 10 announcement of the sales.
Located at 128 Lincoln Blvd. in Middlesex, Friendly Self Storage is a 15,000-square-foot self-storage facility with 72 units. It sold for $1.1 million. According to Kislak, the property was built in 1947 and renovated in 1997. Sitting on 0.44 acres, the location is near a heavily trafficked street within 1 mile of more than 375 apartments.
According to Levinston, there were more than a dozen offers from local, regional and national investors for the Middlesex County property. “The seller sold the property after owning and managing it for more than 20 years in a market with an extremely high demand for self-storage investments,” he said.
In Somerset County, a 3,000-square-foot office building built in 1989 and situated on 0.29 acres sold for $480,000. Located at 38 N. Gaston Ave., the location offers seven private offices, kitchenettes on each floor, a basement for tenant storage and parking for 14 cars.
Kislak said the property was vacant at the time of sale.
Over in Manville, a 3,045-square-foot corner retail building at 345 N. Main St. traded hands for $468,000. The single-story property was previously a Verizon store, but sold vacant.
Levinston received Kislak’s Rising Star award in 2022 for his accomplishments the year before; the recognition is bestowed to a newer salesperson with the greatest achievements in the past year.
A 10-building multifamily portfolio comprised of 324 units and two cell towers sold in Union County for $50 million, The Kislak Co. Inc. announced May 9.
According to the firm, which cited data from CoStar, the sale is the highest priced multifamily transaction ever for Elizabeth, and the highest priced in Union County since 2020. As of the most recent U.S. Census, the city, the county seat, is the fourth-most populous municipality in the state.
Kislak marketed the properties on an exclusive basis on behalf of the seller with Executive Vice President Joni Sweetwood managing the assignment and procuring the buyer. Neither party was disclosed; however, Kislak said that Sweetwood had previously sold several of the package’s properties to the seller.
All of the buildings are in close proximity to each other, in and around the Elmora section of the city:
327-333 Elmora Ave. with 47 units,
750-758 Jersey Ave. with 45 units,
708-722 Westfield Ave. with 41 units,
824-836 Jersey Ave. with 40 units,
346-352 Elmora Ave. with 30 units,
1254-1258 Waverly Place with 29 units,
137-141 W. Jersey St. with 28 units,
845-851 Jersey Ave. with 23 units,
437-443 Elmora Ave. with 23 units, and
24-30 Stiles St. with 18 units.
Across the package, there are 26 studios, 234 one-bedroom, 60 two-bedroom and six three-bedroom units.
“This was an extraordinarily rare opportunity to acquire several hundred units in well-maintained buildings with upside in one of the best areas in Elizabeth, which is consistently one of the strongest rental markets in northern New Jersey,” Sweetwood said in a statement. “The demand among interested investors was strong and resulted in a bidding war for the portfolio.”
A three-building multifamily portfolio in Newark – comprised of 44 residential units and one retail space – sold for $5.3 million, The Kislak Co. Inc. announced May 5.
The firm marketed the portfolio on an exclusive basis with Vice President Michael Salomon leading the assignment on behalf of Blackfoot Realty 8 LLC, the seller. Senior Vice President Don Baxter and Vice President Michael Kossak represented the buyer, Feiner Properties LLC.
“The demand for ‘value-add’ apartment buildings in Essex County is extremely strong,” Kossak said in a statement. “This particular purchaser was eager to acquire properties such as these that are not always easy to find.”
The multi-story, brick apartment buildings are located at 1 and 2 Noll Place and 532 Sanford Ave. in Newark, close to each other. Their roofs, boilers and water heaters were all replaced less than 10 years ago, according to Kislak, while some units within the package include renovated kitchens and bathrooms.
1 and 2 Noll Place have 21 and 15 residential units, respectively, offering upside in rents, Kislak said. On Sanford Avenue, the two-story building has eight units and one retail space; it was fully renovated in 2017 and 2018.
According to Baxter, “Sellers are taking advantage of a perfect storm with theserecent sales – a climate tempered by a lack of inventory coupled with relatively low interest rates. 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.
“No investment has stood the test of time like real estate, specifically, multifamily properties; and the last few years have been a perfect case study to prove this.”
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