10A — February 2025 — Central New Jersey — M id A tlantic Real Estate Journal
www.marej.com
C entral N ew J ersey
Senior VP Lanni and commercial associate Soliman lead successful transactions Kislak sells mixed-use properties in Perth Amboy & Lebanon, showcasing strong Central NJ Market
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at 377 Smith St. in Perth Am- boy, for $2.4 million. Kislak marketed the prop -
IDDLESEX & HUNTERDON COUNTIES, NJ —
erty on an ex- clusive basis with senior VP Daniel Lanni han- dling the as- signment, and he also procured the purchaser,
The Kislak Company, Inc. recently facilitated two notable transactions in Central NJ, showcas- ing the area’s vibrant real estate market.
Daniel Lanni
Sara Soliman
the Perth Amboy YMCA. Lanni said, “I am proud to have facilitated the sale of this unique property, which highlights the vibrancy of the
In Middlesex County, Kislak announced the recent sale of a mixed-use property known as the Remington Rooming House
377 Smith St. in Perth Amboy
1128 Rte. 31 in Lebanon
Perth Amboy real estate mar- ket and the interest in rooming houses as a viable, affordable housing option. The seller and purchaser, YMCA, were a plea- sure to deal with. The sale price equated to a 6.6% cap rate, and Ocean First Bank was prompt and efficient with their handling of the financing.” Built in 1910, the mostly renovated, three-story, brick building consists of 40 units with a retail store at ground level. The units consist of private bedrooms (some with private bathrooms) furnished with a twin-sized bed and a re- frigerator. The building’s inte- rior and exterior are equipped with security cameras that run 24/7. With a rooming house li - cense, the property is operated in accordance with the Housing for Older Persons provisions of the Fair Housing Act. A corner location in a safe, quiet neighborhood, the prop- erty is walking distance from the NJ Transit Train system and all major bus lines. In Hunterdon County, Kislak facilitated the sale of Echo Hill Plaza, a 16,000 s/f mixed-use commercial retail and office building at 1128 Rte. 31 in Lebanon, for $1.275 million. Kislak marketed the prop - erty on behalf of the seller with commercial sales and leasing associate Sara Soliman han- dling the assignment, and she also procured the purchaser. The parties were not disclosed. “This was the buyer’s first acquisition of a building of this size, facilitated through an I.R.C Section 1031 exchange and supported by seller financ - ing. The offering presented an attractive investment opportu- nity and although the process involved various complexities, we worked through them dili- gently to ensure a successful closing,” said Soliman. MAREJ
MULTIFAMILY PORTFOLIO FOR SALE 647 Units in 22 Buildings East Orange and Irvington, NJ $129,000,000 (Assumable Financing Available)
EXCLUSIVELY LISTED BY: SCOTT DAVIDOVIC SENIOR VICE PRESIDENT sdavidovic@kislakrealty.com 732 750 3000 ext. 290
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