6B — December 28, 2018 - January 10, 2019 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal


O wners , D evelopers &M anagers Squires and Scheinerman arrange off-market sale Kislak sells 78 units in Hackensack, NJ for $11.5M H ACKENSACK, NJ — The Kislak Co., Inc. announced the recent


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$11.5 million sale of 265 – 275 Beech St., two multifamily properties with a total of 78 res- idential units in Hackensack. Kislak was engaged on an exclusive basis to arrange an off-market sale with VP An- drew Scheinerman handling the assignment on behalf of the seller, Prospect Avenue 1 LLC, a private investor. Senior VP Robert Squires represented the purchaser, Stonegate , a regionally-based investment real estate owner, developer and longtime Kislak client.

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265 – 275 Beech St.

The properties are neighbor- ing brick, five-story buildings each with 37 one-bedroom apartments and two two-bed-

room apartments. They are ideally located in the heart of Hackensack one block from

Hackensack M e r i d i a n Health Cen- ter, within walking dis- tance of an abundan c e of retail and commercial offerings, and close to I-80. NYC is easy commute by car, train or bus. “The seller engaged us to sell the prop- erty, which h a d b e e n

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Andrew Scheinerman

Robert Squires

owned by the same family for many years, after we provided our opinion of value and demon- strated at which price we could sell it,” said Scheinerman. “The offering presented a value-add opportunity for the purchaser who was eager to commence renovations in order to bring the units to market and increase rents.” Said Mr. Squires. “Influenced by cur- rent local market trends where there is low inventory and high barriers to entry, the purchaser paid an aggressively low cap rate given the upside potential with rents following renova- tions.” At the time of closing, the properties were fully-occupied. Oritani Bank provided financ- ing with Carmine Alampi, Esq. representing the seller and Marc Wohlgemuth, Esq. representing the purchaser. Scheinerman joined Kislak in 2011 and specializes in the sale of multifamily and other invest- ment properties throughout northern New Jersey. Squires joined Kislak in 2003 and specializes in the sale of multifamily and other invest- ment properties throughout New Jersey. 

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