2B — June 10 - 23, 2016 — New Jersey — M id A tlantic
Real Estate Journal
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N ew J ersey Barry Waisbrod handles off-market sale at The Lenox Kislak Co. sells 110 condos in Union City, NJ for $13m
UPCOMING NEW JERSEY SPOTLIGHTS!
July 15th, 2016 SOUTHERN NEW JERSEY DEADLINE: June 24th
U
NION CITY, NJ — The Kislak Compa- ny, Inc. announced
t he r e c en t sale of 110 condomini - ums at The L e n o x i n Union City, H u d s o n County, for $13 million. Vice presi-
August 12th, 2016 CENTRAL NEW JERSEY DEADLINE: July 29th
Barry Waisbrod
dent Barry Waisbrod rep- resented both parties in the off-market transaction. “There is continued strong demand among investors for multifamily properties in
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The Lenox
Union City, as well as greater Hudson County, given the area’s large population, prox- imity to New York City and very low vacancy rates,” said Robert Holland , president. “Barry did an excellent job facilitating this off-market sale, and the closing occurred very quickly – within 30 days of contract execution.” The Lenox is a 300-unit luxury high-rise condominium located on Central Ave. Resi- dents enjoy easy access to New York City with bus service available directly across the street from the building. Hobo- ken and Manhattan are only minutes away. Amenities include onsite parking, a 24-hour doorman, childcare and fitness centers, and a landscaped courtyard. Units have energy efficient air conditioning, crown molding and gourmet kitchens featur- ing steel appliances, granite countertops, maple cabinetry, and porcelain tile. Over the last 10 years, the building has undergone nu- merous improvements includ- ing a roof replacement, instal- lation of a new rooftop water tank, elevator upgrades, hall- way renovations, new balcony doors, exterior brick pointing, security cameras, and a cen- tral station hardwired fire alarm system. “The purchaser felt strongly about the Union City market,” said Waisbrod. “Union City has a high percentage of rent- ers and its proximity to New York City typically results in near zero vacancy rates. This was an attractive long term investment with upside.” Union City, with an area of approximately 1.3 miles is the most densely-populated city in the United States, and its density is nearly twice as high as that of New York City. n
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Union City, NJ 110 Condominiums $13,000,000
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Investment Sales Commercial Sales and Leasing
www.kislakrealty.com 732 750 3000
The Kislak Company, Inc.
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