Real Estate Journal — Owners, Developers & Managers — July 29 - August 11, 2016 — 5B
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M id A tlantic
O wners , D evelopers & M anagers
LIZABETH/PASSA- IC, NJ — The Kislak Company, Inc. an- 51 co-op units at Barry Gardens for $3.876m, 44 co-op units at Tudor Court for $3.168m Kislak’s Squires team completes $7 million bulk sales of 95 co-op units in Northern New Jersey E
communities in each of their re- spective markets. Both proper- ties are a short walk to the train and have been held by the same owner for over 30 years,” said Jeff Squires. “We were able to quickly procure purchasers for each property and Tudor Court closed on an all-cash basis.” “Rarely does such a large property come on the market in Passaic Park,” said Robert Squires. “After obtaining the listing for Barry Gardens, Kislak received an overwhelm- ing demand for the offering memorandum, after which we were able to secure a deal.” n
nounced the recent sales of a portion of two co-op multifamily properties in E l i z a b e t h and Passaic, NJ for a to- tal of $7.044 million. The s e p a r a t e transactions inc lude 51 out of 190 co-op units a t B a r r y Gardens in Passaic for $3.876 mil-
Jeff Squires
Barry Gardens in Passaic, NJ
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Robert Squires
lion and 44 out of 85 co-op units at Tudor Court in Eliza- beth for $3.168 million. The co-ops have been operated as rentals, have high historical occupancy rates and were fully occupied at the time of closing. Kislak marketed both prop- erties. Vice president Jeff Squires represented the sell- ers in both transactions and the purchaser in the Elizabeth sale. Vice president Robert Squires represented the pur- chaser in the Passaic sale. “These sales represented unique opportunities for inves- tors to acquire a significant portion of co-op units in well- established properties,” said Robert Holland , president. “Both properties are strong and stable in excellent locations.” Barry Gardens is located in a residential neighborhood in Passaic, two blocks from the New Jersey Transit train sta- tion. The property is walking distance to Veteran’s Memo- rial Park, several synagogues and various religious organi- zations. The property is well- maintained and various capital improvements have beenmade. Amenities include a pool, play- ground and laundry room. Tudor Court is located in a residential neighborhood in the North Avenue area of Elizabeth. It has semi-private entrances and on-site parking The North Broad Street Train Station is located one-half mile east of the property and provides direct access to New York City. The property is ad- jacent to two private schools and is one-half mile fromKean University. “Tudor Court and Barry Gar- dens are both among the most desirable garden apartment
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