Real Estate Journal — Central New Jersey — November 10 - 23, 2017 — 7B
www.marejournal.com
M id A tlantic
C entral N ew J ersey Lanni executes quick portfolio sale in Jersey City Wiener and Pucci of The Kislak Company arranges $6 million sale of Long Branch Motel L ong Branch, NJ — The Kislak Com- pany, Inc. announced
and appliances and renovated bathrooms with ceramic tiles. While the units at 136 Grant Ave. are comprised of one and two bedroom apartments, the units at 156 Grant Ave. host solely three bedroom apart- ments. Located in the Bergen-La- fayette community, which is representative of many in- dividual neighborhoods and sits only 1.5 miles from the heart of the city and major highways, the properties are situated just southwest of the downtown area of Jersey City. n
the recent off-market sale of the Ocean Court by the Sea motel, which is located at 170 Ocean Ave., Long Branch, for $6 million. The seller was St. Mary Developers LLC and the pur- chaser was an affiliate of Kushner , the diversified real estate organization headquar- tered in New York City. Kush- ner also owns the Pier Village complex, which is just north of Ocean Court by the Sea. Kislak senior vice president Jeffrey Wiener and chief operating officer Jason Pucci arranged the off-market sale. The oceanfront property is located at the corner of Ocean Ave. and Morris Ave. It spans eight-tenths of an acre and in- cludes the 9,600 s/f motel that was built in 1958 and on-site parking. “The property was a natural fit for Kushner given its ocean- front location next to Pier Vil- lage,” said Wiener. “Over the past 30 years, my colleagues and I have done more than 70 deals with Kushner and Jason and I were pleased to assist with their expansion in Long Branch.” The seller was represented by Gerald Miller, Esq. of Miller, Meyerson & Corbo and the purchaser was rep- resented by Alan Hammer, Esq. and Jeffrey Itzkowitz, Esq. of Brach Eichler, LLC . In Jersey City, Kislak an- nounced the $3.2 million port- folio sale of 18 residential units at 136 Grant Ave., and 9 residential units at 156 Grant Ave. Kislak marketed the two properties on an exclusive ba- sis and vice president Daniel Lanni represented both par- ties in the transaction, which had an accepted offer in less than 30 days. “We represented the sell- ers on an exclusive basis to sell this desirable apartment portfolio in an emerging area of Jersey City,” said Lanni. “We received multiple offers from qualified investors and negotiated a full price offer with an aggressive 1031 ex- change buyer.” Financing was provided by New York Community Bank . The properties consist of two solid, four-story brick build- ings with new hardwood floors
Ocean Court by the Sea motel
136 Grant Ave.
156 Grant Ave
Investment Sales | Commercial Sales and Leasing
FOR SALE Atlantic City, NJ
FOR SALE Westville, NJ
267 Residential Units + 5 Commercial Spaces Anthony Palmiotto ext 357
79 Residential Units Matt Weilheimer ext 253
FOR SALE Newark & Irvington, NJ
FOR SALE Teaneck, NJ
24 Residential Units Andrew Scheinerman ext 247
53 Residential Units Daniel Lanni ext 248
FOR SALE Paterson, NJ
FOR SALE Elizabeth, NJ
56,000± SF Office/Retail Michael Salomon ext 243
18,735± SF Office Andrew Jonas ext 460
The Kislak Company, Inc. | www.kislakrealty.com | 732 750 3000
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