Real Estate Journal — NJAA Conference & Expo — May 12 - 25, 2017 — 3D
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M id A tlantic
2017 NJAA C onference & E xpo Vacant fire-damaged building to be restored Kislak sells 25 units and one retail space in West New York, NJ for $1.625 million
announ c e d t he r e c en t sale of a 25- unit apart- ment build- ing with one retail space in West New York, NJ for $1.625 mil- lion. W
to pay top dollar for value-add opportunities,” said Baxter. “This particular property emphasizes how much value remains in renovations.” Jonas joined Kislak in 1988 and has a strong record of in- vestment sales in and around New Jersey. Baxter joined Kislak in 2006 and specializes in the sale of multifamily and other invest- ment properties throughout New Jersey with emphasis on Hudson County where he is among the area’s leading producers. In a separate transaction,
The Kislak Company, Inc. announced the recent sale of two multifamily properties with a total of 126 residen- tial units in Union County for $15,350,000. The sepa- rate transactions include the $8,850,000 sale of Riverside Garden Apartments, a 46- unit complex in Cranford and the $6,500,000 sale of a two-building portfolio with 80 units in Elizabeth. Kislak marketed the prop- erties on an exclusive basis and senior vice president Jeff Squires represented all par- ties in the transactions. n
OODBRIDGE,NJ — The Ki s l ak Company, Inc.
Andrew Jonas
Vice president Andrew Jonas represented the seller, a longtime Kislak client, and vice president Don Baxter represented the purchaser, an area investor-developer and longtime Kislak client. The five-story brick build- ing is located at 234 51st Street and had been seriously damaged by a five-alarm fire in 2015. The building had been evacuated before the fire spread and no injuries were reported. Once prelimi- nary restoration work was completed, the seller engaged Kislak on an exclusive basis to market and sell it. “Given the building’s loca- tion and tremendous poten- tial, we generated very strong interest from clients and in- vestors from throughout north Jersey and New York City, which culminated in a bidding war,” said Jonas. “The apart- ment market in West New York is extremely strong and this sale presented an oppor- tunity to develop and own an effectively new building in the heart of the city, only minutes from Manhattan.” The transaction was all cash and the contract called for no due diligence. “Educated investors famil- iar with this area understand the outstanding opportunity due to the location and rent potential in one of the most densely populated areas of the country,” said Baxter. “This particular sale demonstrates how much value remains in renovations.” “Give what transpired with the building, its condition and total vacancy, the trans- action provided an array of challenges,” said Jason Pucci, chief operating officer. “Andy and Don worked diligently with both parties to resolve each issue that arose.” The purchaser intends to complete a full renovation of the property. “Investors are still willing
234 51st Street
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