O wners , D evelopers & M anagers

Real Estate Journal — Section B


M id A tlantic

NION COUNTY , NJ — The Kislak Company, Inc. an- 46 units on Riverside Dr. in Cranford, NJ sell for $11.3 million Squires of Kislak handles sales 106 units in Union County, New Jersey for $17 million U

well-maintained, grassy court- yard with nine standard one- bedroom apartments, 29 large one-bedroom apartments, and eight two-bedroom apartments along with 14 detached garag- es, several parking spaces, and onsite laundry in each build- ing. Half of the units have been renovated and under-market rents remain in most units. The property on West Third Avenue in Roselle include two brick buildings containing 14 studios and 29 one-bedroom apartments, all with rents at least 30% below-market. The original builder’s family had owned the complex since the 1960s. It is situated in an attractive residential neigh- borhood less than one block from city hall, the local police department, public library and downtown city center. Squires remarked on the strength of the area: “Roselle is a tremendous rental mar-

ket where apartment building owners will often hold multi- family assets across several generations. This 43-unit sale marks the largest multifam- ily transaction with the most units sold in the city in well- over 10 years.” The property on Walnut St. in Roselle contains two studios, 12 one-bedroom apartments, two two-bedroom apartments and one three-bedroom apart- ment. It is also in a prime location just one block from Roselle’s downtown. Squires joined Kislak in 2007 and specializes in the sale of multifamily and other invest- ment properties throughout northern New Jersey. Consis- tently among Kislak’s leading salespeople, he received the firm’s 2008 Rookie of the Year award, 2012 Sima Kislak Jelin Salesperson of the Year award and 2014 and 2016 Producer of the Year award.  to the barge, passed through security, traveled to the job site, and queued for placement. To accommodate the shipment schedule, a concrete mix utiliz- ing a hydration-control admix- ture was developed to meet the unique logistical challenges of the site. To minimize cast- in-place quantities, structural details were modified to limit secondary and comeback pours and the architectural precast façade was also revised to load- bearing panels to eliminate concrete shear walls. The larg- est single-day pour measured approximately 400 cubic yards, which required a total of 18 concrete trucks on the barge at the same time. “It’s been an extremely re- warding experience working on this iconic new museum,” said Jarret Johnson , a principal at DeSimone Consulting En- gineers. “We were pleased to provide creative and innovative solutions that helped enrich a treasured institution that’s enjoyed by millions of people from around the world.” 

nounced the recent sales i n U n i o n Co un t y o f the following multifamily properties: R i v e r s i d e G a r d e n s , whi ch con-

Jeff Squires

HI-LIGHTS J une 28 - J uly 11, 2019 sists of 46 units on Riverside Dr. in Cranford, for $11.3 million; and 43 units on West Third Ave. and 17 units on Walnut St. in Roselle for $5.7

Riverside Dr. in Cranford, NJ

NEW YORK, NY — DeSim- one Consulting Engineers , an engineering firmwith offices worldwide, recently celebrated the completion and grand open- ing of the new Statue of Liberty Museum. DeSimone worked closely with FXCollaborativ e, the National Park Service, and the Statue of Liberty – Ellis Island Foundation to design and complete the new cultural facility located just steps away from the iconic national monu- ment on Liberty Island. The new 26,000 s/f building introduces 15,000 s/f of new exhibition space, allowing the museum to better serve the estimated 4.4 million annual visitors from all around the world. The previous museum was located within the base of the monument, but was only accessible by a small fraction of the island’s visitors due to safety regulations. With a focus on sustainabil- ity, the museum is expected to achieve LEED Gold certifica- tion and was conceived as a garden pavilion. The museum’s million. Kislak marketed the prop- erties on an exclusive basis with senior vice president Jeff Squires handling the assign- ments. Squires also procured the purchasers. “Riverside Gardens was an unusual opportunity for an investor to acquire one of the largest and most exclusive

apartment communities in the municipality.” said Squires. According to CoStar records, $11.3 millionwas the second highest price ever paid for a multifamily property in Cran- ford. Situated along the Rah- way River, Riverside Gardens consists of four three-story brick buildings overlooking a

Contractors/ Subcontractors 5-12B SPOTLIGHT

Desimone Consulting Engineers celebrates grand opening of The Statue Of LibertyMuseum

Pillar Real Estate Advisors sells 175 unit apartment site


WHPounds goes energy efficiency – Lands new tenant

Statue of Liberty Museum—Photo Credit: DeSimone Consulting Engineers

roof acts as a lifted extension of the surrounding park and is planted with native meadow grasses to create a natural habitat for local and migrating birds. The structure’s façade is comprised of bird-safe glass to further minimize disruption of the local environment. “This was a remarkably com- plex and engaging project,” said Stephen DeSimone , presi- dent and CEO of DeSimone

Consulting Engineers. “The experience and skill of our en- gineering team enabled us to address numerous design and construction challenges to cre- ate a dynamic new facility for this iconic national landmark.” The island’s location required the use of a barge to deliver ma- terials to the site. As a result, concrete shipment times in- creased to nearly three hours as trucks traveled from the plant



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