O wners , D evelopers & M anagers
Real Estate Journal — Section B
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M id A tlantic
ewark, NJ — The Kislak Company, Inc. announced the Consists of two adjacent 22-story high-rise buildings with 680 residential units & two retail spaces Sweetwood of Kislak arranges sale of Pavilion Apartments in Newark, NJ for $70.5M N family properties in Newark and all of New Jersey.
high-rise buildings with 680 residential units and two retail spaces (one in each building) on over eight acres. The resi- dential unit mix includes stu- dios and one- and two-bedroom apartments. “This was a once-in-a-gen- eration sale,” said Robert Hol- land, president. “Properties of this size and stature rarely trade. From start to finish, Joni did an absolutely amazing job facilitating the sale. For years, she had been working with the seller and analyz- ing the market to optimize the timing of our marketing and eventual sale. Joni also procured the ideal buyer who will benefit long-term as the property is enhanced further, residential demand in Newark increases even more and New- ark’s renaissance continues.” n
The terms of the sale in- cluded the assumption of exist- ing debt with the addition of significant equity. “This was an extraordinary sale in a burgeoning market,” said Sweetwood. “Over the last several years, we have been witnessing Newark’s long-awaited renaissance with rapid development throughout the city and population growth. More andmore people are mov- ing to downtown Newark given its ongoing transformation and easy commute to New York City. Pavilion Apartments are well positioned to meet the growing demand for affordable luxury housing in Newark’s economic and cultural center.” Pavilion Apartments con- sists of two adjacent 22-story
recent sale o f P a v i l - i on Apar t - ments, one of Newark, New Jersey’s largest and most iconic mu l t i f am - ily properties
Joni Sweetwood
HI-LIGHTS M arch 30 - A pril 12, 2018 designed by Ludwig Mies van der Rohe , a pioneer of modernist architecture, for $70.5 million.
Pavilion Apartments aerial
Kislak marketed the prop- erty on behalf of longtime client Pavilion Broad Street, LLC. Senior vice president Joni Sweetwood represented the seller and procured the purchaser, The Pavilion Tow- ers, LLC, a regionally-based
investor. The sale of Pavilion Apart- ments is the single largest sale of a multifamily prop- erty in Newark by more than $18 million based on data available from CoStar. It is also among the largest multi-
The Goldstein Group completes sale of redevelopment site in Bogota New Jersey
Bogota, NJ — Presi- dent Chuck Lanyard of The Goldstein Group announced
the firm has successfully c omp l e t e d the sale of a r e d e v e l o p - ment site lo- cated at 250 & 300 West Fort Lee Rd. i n B o g o t a
EXPO ISSUE
7-22B
Lew Finkelstein
New Jersey which will be- come a multi family mixed-use development. Executive vice president, Lew Finkelstein , and vice president, CJ Huter, repre- sented both the seller, BR Col- ony Holdings, and the buyer, River Club Development, in the transaction. “This was a transaction that took several years to conclude,” noted Lanyard. “CJ & Lew were able to provide outstand- ing service to both parties to bring the deal to a closing.” The site is slated for 421 residential apartments across five buildings, along with 8,000 s/f of ground floor retail space. Also projected for the
Environmental/ Green Buildings
23-25B
Energesco adds electric vehicle charging stations
River Club walk rendering
site is the development of a pool, clubhouse, dog park and walkway promenade along the Hackensack River. Upon completion, the development could increase the boroughs population of 8,200 people by about 10%. This location is prime for commuters traveling to and fromNew York City and offers convenient access to Interstate 80 and Route 4. n
24B
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River Club rendering
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