6B — March 2023 — Northern New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N orthern N ew J ersey
Spencer Bank provides financing for 13 new luxury units in Hudson County VP Davis Briones of Kislak sells West New York, NJ multifamily building for $5.2 Million
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the assignment, and he also procured the undisclosed pur- chaser. Kislak previously sold several properties to the seller, a developer working in northern and central NJ. Briones said, “This sale is an excellent example of the continued strong interest in new construction, cash-flowing properties from a diverse group of investors and capital sources, despite higher interest rates. Although cap rates for class A multifamily properties have remained in the low 5% range, investors are investing in real estate for its intrinsic value and
long-term capital appreciation.” Built in 2019, the five-story, 19,522 s/f building features 13 units and a ground level parking garage accessible by elevator with a space for each tenant. The building presents a contemporary look with sleek lines and bold, earthy colors. The property also has a five- year tax abatement expiring later in 2023. With a footprint of 1,000 s/f, each unit has a spacious kitchen with quartz counter- tops, hardwood cabinets, and stainless-steel appliances. Bathrooms feature porcelain tiles, stainless steel shower panels and faucets and modern vanities. Units also feature hardwood flooring throughout, large picture windows, heat- ing systems and built-in AC wall units, along with in-unit washers and dryers. Building amenities include an intercom and security system. The property is conveniently located between Bergenline Avenue and Palisade Avenue, one block from the Hudson- Bergen Light Rail’s Bergen- line Avenue Station, which connects to the Port Imperial Ferry Station, and near near two commuter rail lines with access to Penn Station less. The property is also less than a 30-minute drive from Newark and LaGuardia Airports At the time of sale, the build- ing was 100% occupied. Al- though a turn-key investment, the purchaser has plans to add other amenities. Reflecting on the transaction as indica- tive of current market trends in the area, Briones further remarked: “New construction buildings in Hudson County are trading with capitaliza- tion rates ranging from 5.25% to 5.5%, most of them being financed with 60-65 percent loan-to-value with aggressive rate lock programs.” Financing was provided by Spencer Bank . Davis Briones joined Kislak in 2014 and after his first year received the firm’s prestigious Rookie of the Year Award, which recognizes a newer salesperson who records the greatest achievements during the year. Briones was pro- moted to a vice president in 2019 after his sales exceeded $100 million and in 2022, he was a part of the Kislak team that achieved over $1.2 billion in sales. MAREJ
EST NEW YORK, NJ — The Kislak Company, Inc. an-
nounced the recent sale of a new luxury multifamily building with 13 units at 414 50th St.in West New York, Hud- son County, for $5.21 million.
Davis Briones
Kislak marketed the prop- erty on behalf of the seller, Palisades Plaza II, LLC with VP Davis Briones handling
414 50th St.
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