4B — April 28 - May 11, 2017 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
O wners , D evelopers & M anagers
Jonas & Baxter broker sale of a 25-unit apartment building for $1,625,000 Kislak’s Squires inks $15.35 million multifamily sales in Cranford and Elizabeth, New Jersey
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buyers who were eager to pur- chase these properties.” “Riverside Garden is a pre- mium-priced property which had been family-owned for two generations,” said Squires. “Investors have been jumping at the opportunity to own mul- tifamily properties near mass transit-oriented communities like the recently redeveloped downtown Cranford”. The Elizabeth portfolio con- sists of a 46-unit building on North Broad St. and a 34-unit building with on-site parking on East Jersey St. The seller is a long-time Kislak client who purchased several other multifamily properties through Squires over the years. “The seller took advantage of today’s strong market and increasing prices, which are being driven by unprecedented rent growth and lower interest rates,” said Squires. “The pur- chaser already started a capital improvement program and will continue renovations to maxi- mize the growth potential of both buildings.” News of the two transac- tions follows Kislak’s recent announcement of Squires’ pro- motion to a senior vice presi- dent. Squires, a 10-year Kislak veteran, was the firm’s leading producer in 2014 and 2016, demonstrating his consistent ability to deliver successful results for his clients. In West New York, NJ — The Kislak Company, Inc. announced the sale of a 25-unit apartment building with one retail space in West New York for $1,625,000. Vice president Andrew Jo- nas represented the seller, a longtime Kislak client, and vice president Don Baxter represented the purchaser, an area investor-developer and longtime Kislak client. The five-story brick building is located at 234 51st Street and had been seriously damaged by a five-alarm fire in 2015. The building had been evacuated before the fire spread and no injuries were reported. Once preliminary restoration work was completed, the seller en- gaged Kislak on an exclusive basis to market and sell it. “Given the building’s location and tremendous potential, we generated very strong interest from clients and investors from throughout north Jersey and New York City, which culmi- nated in a bidding war,” said Jonas. n
two-building portfolio with 80 units in Elizabeth. Kislak marketed the proper- ties and senior vice president Jeff Squires represented all parties in the transactions. “The market for well-located and high performing mul- tifamily properties remains very strong throughout New Jersey,” said Robert Holland , president. “As always, Jeff did an outstanding job bringing these properties to market. He generated a great deal of serious interest among many well-qualified investors and ultimately procured the best
lizabeth, NJ — The Kislak Compa- ny, Inc. announced
t h e r e c e n t sale of two m u l t i f a m - ily properties with a total of 126 residen- tial units in Union Coun- ty for $15.35 million. The
Jeff Squires
separate transactions include the $8.85 million sale of Riv- erside Garden Apartments, a 46-unit complex in Cranford and the $6.5 million sale of a
Riverside Garden
P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com
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