M ID A TLANTIC Real Estate Journal — Northern NJ — December 24, 2021 - January 20, 2022 — 3B


Senior VP Davidovic and VP Kossak represent both parties in the transaction The Kislak Company sells Kearny, NJ multifamily portfolio for $10.9 Million


The Belgrove Drive prop- erties are two 20-unit brick buildings. The Grant Av- enue property is a 16-unit brick building. The Stuyves- ant property is a mixed-use building with five residential units and one retail space. The Maple Street property consists of four large one- and two-bedroom units with full kitchens. Three of the properties are within walking distance of each other and less than a mile from the PATH and Newark-Broad Street New Jersey Transit. The price per unit was $165,379, offering significant upside potential to the purchaser who already implemented his management company’s systems and will renovate any vacant apart- ments to increase rents to market price. The portfolio’s Kearny neigh- borhood is in the midst of a dramatic shift fromwarehous- ing and industrial properties

to major mixed-use redevelop- ments. Many older buildings are being renovated or re- placed with multifamily prop- erties situated among a variety of national and local retailers. Kearny is trending to join the Gold Coast with neighbors Jer- sey City, Hoboken, Harrison, Weehawken and Guttenberg and Edgewater. Scott Davidovic joined Kis- lak in 2006 and specializes in the sale of multifamily properties with a focus on land and development throughout northern New Jersey. After his first year with Kislak, he received the firm’s Rookie of the Year award, and he also re- ceived the firm’s Sima Kislak Jelin Salesperson of the Year award in 2014. Davidovic’s investment sales total more than $300 million. Michael Kossak joined the firm in 2016 and special- izes in the sale of investment properties in northern New Jersey. MAREJ

UDSON COUNTY, NJ — The Kislak Company, Inc. an-

n o u n c e d the r e c ent o f f -marke t s a l e o f a five-building mu l t i f am - ily portfolio with 65 units and one re- t a i l s p a c e in Kearny, H u d s o n County for $10,915,000. The bui ld- ings are lo- cated at 111 and 117 Bel- grove Dr., 12 Grant Ave., 160 Stuyvesant Ave., and 9 Maple St. Senior vice president Scott Davidovic and vice president Michael Kossak represented both parties in the transac- tion, drawing on their long- Scott Davidovic Michael Kossak

111 and 117 Belgrove Drive

time relationships to complete the sale. Davidovic said, “This sale, handled completely off market in competition with other bro- kers, shows the strength of our clients who are consistently paying top dollar and are strong closers. The purchaser completed his due diligence pre-contract with minimal contingencies, which we en- courage when appropriate, demonstrating professional-

ism not only to be awarded a deal but to close as well.” Kossak added, “These are the exact types of properties clients are aggressively look- ing to purchase, and the area is drawing new renters who may need to commute to New York City as nearby public transportation is easily acces- sible. Several new residential developments have also been completed or are underway in the area.”

Halpern Real Estate Ventures breaks ground on 337 unit, rental building in Jersey City’s reenergizedWest Side

I look forward to being back here in two years for the rib- bon cutting.” “Jersey City is a national success story, and Mayor Fu- lop has done a remarkable job spearheading investment and focus west of the waterfront which has led to improved infrastructure and the infu- sion of new residential, retail and lifestyle options across the city,” said Joel Halp- ern , managing director of Investments for HREV. “This is certainly the case for the West Side, and we’re excited to contribute to the growth and vitality of this emerging neighborhood.” 49 Fisk Street features a class A amenity program and building design that empha- sizes innovation and sustain- ability, with key focuses on resident health & wellness and the potential for extended hybrid work models. The building will offer efficient

private and public co-working spaces and a variety of resi- dent outdoor space, includ- ing a 14,000+ s/f landscaped courtyard with green space, an 18,000+ s/f rooftop with a 360-degree view, and a com- munity garden. Sustainable features will include a waste diversion and energy recovery system, roof- top solar panels, electric ve- hicle chargers, and rainwater collection for irrigation uses. 49 Fisk St. is located two blocks from Rte. 440 which will deliver residents to the New Jersey Turnpike and Rtes. 1 and 9, bringing busi- nesses and popular recre- ational options in northern New Jersey and the famed Jersey Shore within easy reach. Downtown Jersey City and Manhattan can be easily accessed via the Hudson Ber- gen Light Rail Station, less than a five-minute walk from the property. MAREJ

JERSEY CITY, NJ — Jer- sey City, NJ Mayor Steven Fulop and fellow municipal officials joined principals of Halpern Real Estate Ven- tures (HREV) on Monday, November 1st, 2021 to break ground on a major new addi- tion to the City’s reenergized West Side neighborhood. Sitework is officially under- way at 49 Fisk St. where a new six-story luxury rental build- ing, featuring 337 studio-to- two-bedroom residences and nearly 50,000 s/f of modern indoor and outdoor amenities, will soon rise near the banks of the Hackensack River. De- signed by Minno & Wasko Architects and Planners , with interiors and amenities curated by The Meshberg Group , the new building will deliver a sought-after live/ work/play environment that promotes a healthy, balanced lifestyle for a post-COVID-19 world.

49 Fisk St. rendering

HREV expects to complete construction in the fourth quarter of 2023. “The West Side of Jersey City has seen unprecedented transformation in a posi- tive way over the last eight years,” Mayor Fulop said at the groundbreaking. “We’ve seen significant investment in NJCU, in the Bayfront, and

49 Fisk St. is another step in that journey. For decades, the city struggled to get any sort of investment on the West Side, so today is symbolic in a meaningful way and sends a strong message about where the priorities are for Jersey City in making the West Side for everyone. Congratulations to the development team and

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