Real Estate Journal — May 11 - 24, 2018 — 3A
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M id A tlantic
M id A tlantic R eal E state J ournal
Arbor provides financing for the portfolio Sweetwood of Kislak brokers 7-building portfolio in Irvington, NJ for $17.8 million
I
rvington, NJ — The Kislak Company, Inc. announced the recent sale
of a seven- b u i l d i n g portfolio in I r v i n g t o n with 184 resi- dential units, six stores and one income- p r o d u c i n g antenna for $17.8 million.
Seven-building portfolio in Irvington, NJ
properties with increasing rents.” Arbor provided financing for the portfolio in a market area where over 75% of the hous- ing is either small apartment buildings or larger apartment complexes.
Uniquely, the buildings at 780-86 Lyons Ave,(aka 106 Lin- coln Pl,) and 26-28 Chester Ave, (aka 80 Welland Ave,) house 22 and 11 residential units, respectively, and each have three stores at street level. The property at 979 Clinton Ave,
has 31 residential units and an income-bearing antenna on its rooftop. It is located in the heart of Irvington in one of its highest appreciating neighbor- hoods since 2000. “The properties were com- pletely renovated and include
luxury units in mint condition in an urban setting,” added Sweetwood. “The purchaser plans to maintain their luxury status and increase rents as there is a strong demand for quality housing in urban areas. The result is fully-occupied
Joni Sweetwood
The properties are located at 2-10 Wagner Pl.; 38-40 Chester Ave.; 979-983 Clinton Ave.; 494 Stuyvesant Ave.; 780-86 Lyons Ave.; 51 Linden Ave.; and 26-28 Chester Ave. Senior vice president Joni Sweetwood represented the seller and procured the pur- chaser. The sale marked both parties’ initial transaction with Kislak. Sweetwood noted the sale was reflective of the current market trend in which “owners are improving urban properties to a level that surpasses even properties in ‘high-end’ towns.” She added, “The sale moved swiftly to closing without any problems.” Media Iq triples space by moving from Feil’s 853 Broadway to 261 Fifth Avenue, NY New York, NY — Media iQ Digital has leased more than 23,000 s/f comprising the entire 25th and 26th floors of the landmarked 261 Fifth Ave., announced building owner and manager The Feil Organization . The asking price for the 10-year lease was $85 psf. Relocating from 8,013 s/f at Feil’s 853 Broadway, Media iQ is in the process nearly tripling its space. Its new location will include access to a portion of a private rooftop terrace via passenger eleva- tor. “We are happy to welcome Media iQ to its new home at 261 Fifth,” said David Turino, director of commercial leas- ing at The Feil Organization who represented the firm in the lease, while Brian Palumbo provided in-house legal counsel for Feil. Frank Coco and Owen Hane of JLL represented the tenant. “And we are looking forward to assisting them as they move in and continue to expand.”
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