26B — September 29 - October 12, 2017 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal


O wners , D evelopers & M anagers SVP Jeff Squires and VP Rob Squires handle $7.55m transaction for seller and purchaser Kislak orchestrates quick sale of North Park Towers In Elizabeth, NJ

lizabeth, NJ — The Kislak Company, Inc. announced the $7.55 million sale of North Park Towers, a 77-unit multifamily property located at 584-600 Salem Ave., Elizabeth, one of Elizabeth’s largest free- market apartment buildings. Senior vice president Jeff Squires marketed the prop- erty on an exclusive basis on behalf of the seller and vice president Rob Squires pro- cured the purchaser. “We have seen the demand for multifamily properties in the New York City metro area E

we procured a purchaser in less than 30 days at near full asking price.” “North Park Towers traded for about double of what it was purchased for less than five years ago,” added Jeff Squires. “Each time the prop- erty trades, the new ownership will seek ways to enhance the value through capital improve- ments and increasing the rental income.” “Properties like this are extremely challenging to ac- quire,” added Rob Squires. “There are so many buyers and so few sellers. Once we identi- fied the buyer, the deal moved swiftly to closing and both buyer and seller were pleased with the outcome.” With full occupancy at clos- ing, the five and a half-story brick apartment building, situated in the Westminster section of Elizabeth, features a mix of studio and large one- and two-bedroom units acces- sible by elevator. n continued from page 22B Lee E. Wasserman, LEW Corporation the numbers of poisoned kids is going up and related litiga- tion claims will most likely be increasing. • Per CDC, 1:53 children <6yrs of age will be identified with a blood lead level of 5ug/dl and greater. With this kind of increase in potential elevated Blood Lead levels, I have to believe, Lead Poisoning cases will increase, which will have an impact on the insurance companies claims/losses, whereby insur- ance underwriters will have to adjust in some way their insur- ance practices (increase premi- ums, increase deductibles, don’t write/cover). Once insurance companies modify their risk fac- tors and fee schedules, lenders will most likely follow suit. If you have lead paint in or on your property or you do not know, NOW is a good time to evaluate, to catch up on regula- tory compliance, and to make sure you are properly insured! The answer is hiring a very knowledgeable and competent consultant who can assess the risk areas, regulatory compli- ance, and offer a simple solution to rectify or eliminate the areas of lead poisoning risk. Lee E. Wasserman is presi- dent of LEW Corporation, a National Lead subject expert. n

Jeff Squires

Rob Squires

skyrocket over the past few years,” said Jeff Squires. “The owner of North Park Towers awarded Kislak with an exclu- sive listing to sell the property and we generated tremendous interest from local and na- tional investors. Ultimately,

584-600 Salem Ave.

Made with FlippingBook flipbook maker