12B — November 8 - 21, 2019 — New Jersey — M id A tlantic
Real Estate Journal
www.marej.com
N ew J ersey
SVP Robert Squires and SVP Barry Waisbrod partner in sale Kislak sells 40 residential units in prime Bergen County location for $8.9 million P
very well-maintained. New air conditioning units, hardwood floors, and all new kitchens with stainless steel appliances were installed among other up- grades. On-site shared laundry and onsite and street parking are available. Below market rents were in place at the time of the sale, presenting the potential of a very large upside in future revenue from the properties. Waisbrod spoke of that future: “The purchaser has been very active in the northern New Jersey market and plans to up- grade units and common areas, which will make the property very attractive to New York City commuters.” The buildings are in a prime location, five to six miles from NYC and accessible via nearby highways and bus routes 154 and 159. Small shops and res- taurants dot the boulevard and national retailers are within approximately a 15 minute ride to The Shops at Riverside and Westfield Garden State Plaza shopping centers. Squires joined Kislak in 2003 and specializes in the sale of multifamily and other in- vestment properties through- out New Jersey. Consistently among the firm’s leading pro- ducers, he received Kislak’s 2017 and 2016 Sima Kislak Jelin Salesperson of the Year award and its 2017 Producer of the Year award. Also in 2017, Squires earned the historic distinction of becoming Kislak’s all-time leading salesperson in any calendar year in the firm’s then 111-year history. Waisbrod joined Kislak in 2001 and is consistently among the firm’s leading salespeople. Mr. Waisbrod was the recipi- ent of the firm’s 2013 and 2015 Sima Kislak Jelin Salesperson of the Year award. About Kislak The Kislak Company, Inc., which is headquartered in Woodbridge is a leading com- mercial real estate brokerage consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of pro- fessionals. Kislak’s prestigious client base includes individual investors and owners, partner- ships, financial institutions, and REITs.
very strong. This particular complex was unique in that over 60% of the apartments are very large two bedrooms units. We generated a tremendous amount of interest in the offer- ing and were able to close at nearly $225,000 per unit.” Situated in a residential neighborhood, the two-story, brick buildings house 16 one- bedroom apartments at 55 Ber- gen Blvd., and 24 two-bedroom apartments at 57-61 Bergen Blvd. and include many capital improvements throughout with 10 units recently gut renovat- ed. Both buildings have been
ALISADES PARK, NJ — The Kislak Compa- ny, Inc. announced the sale of 40 residential units in Palisades Park, Bergen County for $8.9 million. The properties are located at 55 and 57-61 Bergen Blvd. Kislak marketed the prop- erty on an exclusive basis with senior vice president Robert Squires handling the assign- ment. Senior vice president Barry Waisbrod procured the purchaser. Squires commented: “The de- mand for ‘value add’ apartment buildings in Bergen County is
57-61 Bergen Blvd.
EXCLUSIVE PROPERTIES FOR SALE
Eastampton, NJ 73 Units Justin Lupo ext 225
Newark, NJ 33 Units - 2 Buildings Michael Salomon ext 243
Belleville, NJ 28 Units Matt Weilheimer ext 272
Woodbridge (Sewaren), NJ 16 Residential Units Matt Weilheimer ext 272
Newark, NJ 10 Units + 6 Retail Julie Gralla ext 224
Jackson, NJ 21,600 SF Retail Michael Kossak ext 240
The Kislak Company, Inc. | kislakrealty.com | 732 750 3000
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