10B — September 12 - 25, 2014 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
NJ A partment & M ultifamily S ummit Bergen County multifamily property with 115 units leased Kislak completes $9.98 million 98-year ground lease of Union Bridge Apartments R UTHERFORD, NJ — The Kislak Compa- ny, Inc. , the dominant tion included a $9,980,000 upfront fee plus an annual ground rent.
tor eager to lease the property on a long-term basis.” Constructed in the 1940’s, Union Bridge Apartments includes 115 apartments in nine buildings on over three acres with on-site parking. The property is in an excellent rental market and is ideally located in a quiet suburban neighborhood near the Ruth- erford train station and major highways with easy access to New York City and points throughout northern New Jersey. The buildings are brick with wood siding and have pitched roofs. “This transaction shows the creative ways in which inves- tors are willing to secure prop- erties in markets, like Ruther- ford, that have high barriers to entry,” said Scheinerman. “Properties like Union Bridge rarely if ever come to market. As a result, our client was quick to seize the opportunity and secure a long-term lease.” The owner was represented by Richard Hubschman, Jr., Esq. of Hubschman & Roman, PC and the lessee was represented by Richard Kahn, Esq . of Winne Banta and Steven Russo, Esq . Financing was provided by Oritani Bank . At the time the ground lease was executed, the property was 100% occupied. WOODBRIDGE, NJ —The Kislak Company, Inc., an- nounced the promotion of Dan- “We are very pleased to have Dan with us at Kislak and congratulate him on this well-deserved promotion,” said Robert Holland , president and co-managing director. “Dan has a passion for hard work, a keen sense of the in- vestment real estate market and is a master marketer – three characteristics that help to make him a successful investment real estate sales- person.” Lanni specializes in the sale of multifamily and other in- vestment properties through- out central New Jersey with a particular focus on Monmouth and Ocean Counties. n Daniel Lanni iel Lanni to v i ce pres i - dent. Lanni joined Kislak in 2010 and has become one o f the c omp a n y ’ s leading pro- ducers.
Vice president Scott Davi- dovic represented the owner and vice president Andrew Scheinerman represented the lessee. “Kislak was engaged on an exclusive basis to market and sell the property,” said Davi- dovic. “After careful analysis, the owner determined that a long-term ground lease would be more beneficial. Given the property’s size, Bergen County location and full occupancy, we quickly procured a local inves-
investment real estate s a l e s f i rm in the t r i - state region, announ c ed the 98-year ground lease o f U n i o n B r i d g e
Scott Davidovic
Apartments, a multifamily property with 115 units locat- ed at 152 Grand Ave. and 153 Darwin Ave. in Rutherford, Bergen County. The transac-
Union Bridge Apartments
CELEBRATING OUR 108 TH YEAR
Investment Real Estate Brokerage
Poughkeepsie, New York 288 Residential Units Janet Bortz ext 294
Pittsburgh, Pennsylvania 176 Residential Units Barry Waisbrod ext 272
York, Pennsylvania 144 Townhomes Robert Holland ext 285
Lancaster, Pennsylvania 52 Residential Units Robert Holland ext 285
Scranton, Pennsylvania 112 Residential Units + Commercial / Development Robert Holland ext 285
Point Pleasant, New Jersey 24 Residential Units Daniel Lanni ext 248
multifamily. retail. office.
www.kislakrealty.com 732 750 3000
The Kislak Company, Inc.
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