6B — March 18 - April 21, 2022 — New Jersey — M id A tlantic Real Estate Journal
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N orthern NJ
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VP Gralla & EVP Sweetwood execute sale Kislak sells East Orange mixed-use property for $2.6M
SSEX COUNTY, NJ — The Kislak Com- pany, Inc. completed two separate transactions in Essex County. Kislak announced the re- cent $2.6 million sale of a mixed-use property with 17 residential units and three retail spaces at 359 NorthMa- ple Avenue in East Orange. Kislak marketed the prop- erty on an exclusive basis with vice president Julie Gralla handling the assign- ment. Executive vice presi- dent Joni Sweetwood pro- cured the purchaser. E
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359 North Maple Ave. in East Orange
Gralla commented, “With an exclusive listing, I had the pleasure of representing the seller, a wonderful repeat cli- ent who is a true professional. Despite the retail component deterring some interested par- ties, with the help of Sweet- wood, we were able to close at an aggressive price with the cap rate in the low 5% range.” The three-story, brick build- ing housing mostly one-bed- roomapartments contains such features as security cameras, hardwood floors and high ceil- ings along with a garage con- taining four units. Recent reno- vations such as a new roof, new hot water heaters, new boiler, new windows throughout the building, a new front door and sidewalk along with additional outdoor lighting. East Orange is a city of 65,000 in eastern Essex County 13 miles fromNYC. It has a strong rental population with 41% of households tenant-occupied. Gralla also handled the $1.6 million sale of the landmark, former Franklin Steakhouse at 238 Franklin Ave. in Nutley. Kislakmarketed the property on an exclusive basis. Gralla also procured the purchaser. The property is site of the for- mer Franklin Steakhouse and consists of a 12,000 s/f restau- rant, bar, and banquet space located in the heart of down- town Nutley. A liquor license was included as part of the sale. Gralla expressed her enthusi- asm for working on this transac- tion: “The high level of interest for this landmark restaurant property was more than I could have predicted. I only wish I had more properties like this to sell! It was a pleasure to repre- sent both parties and I am very excited for what is to come for this restaurant and all of those involved.” MAREJ
EXCLUSIVE PROPERTIES FOR SALE
Westport, CT 28 Units Andrew Scheinerman ext 247
Bayonne, NJ 24 Units Davis Briones ext 370
Hoboken, NJ 21 Units
Robert Squires ext 287 Scott Davidovic ext 290
Jersey City, NJ 21 Units Davis Briones ext 370
Guttenberg, NJ 9 Units + 1,200± SF Retail Tom Scatuorchio ext 255 Michael Salomon ext 243
Newton, NJ 5 Mixed-Use Units Joseph Keenan ext 256
The Kislak Company, Inc. | kislakrealty.com | 732 750 3000
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