Real Estate Journal — Owners, Developers & Managers — June 22 - July 12, 2018 — 3B
M id A tlantic
O wners , D evelopers & M anagers
OSELLE, NJ — The Kislak Company, Inc. announced the S.V.P. Joni Sweetwood facilitates transaction for buyer and seller PILOT program attracts Kislak client in $5.3 million sale of Roselle, NJ multifamily property R crease rents,” said Sweetwood in closing remarks.
edly as one of New Jersey’s Commercial Brokerage All Stars and the Mid Atlantic Real Estate Journal’s Execu- tive Women in Business. The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage consistently recognized for its investment sales success. Established in 1906, Kislak’s market lead- ership position and longev- ity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise
of its long-tenured team of professionals. Kislak’s pres- tigious client base includes individual investors and own- ers, partnerships, financial institutions, and REITs. The firm’s 30 professionals provide comprehensive market cover- age throughout New Jersey, New York, Pennsylvania and Delaware. Now in its 112th year, Kislak was among a select group of firms recognized as a 2017 Power Broker by Co- Star Group, Inc. and this was the firm’s twelfth consecutive recognition.
Arnold Budin was the buyer’s attorney and Chaim Dahan represented the sell- er with Meridian Capital Group utilizing Arbor as provider of agency financing. Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. She has won numerous sales awards, including the Sima Kisla k Jelin Salesperson of the Year award in 2010 and the firm’s production award multiple times since then and has been recognized repeat-
$ 5 . 3 m i l - lion sale of a 3 5 - u n i t apar tment building at 533 East 2nd Avenue i n Roselle. Senior vice p r e s i d e n t ,
533 East 2nd Avenue units. “With 28 years remaining on the tax PILOT program at a $15,000 fixed, annual rate payment, the buyer will con- tinue to maintain the property in pristine condition and in-
Joni Sweetwood , repre- sented the seller, Teleflora Realty Group, LLC -- a long-time Kislak client – as well as the buyer, Goldcrest Properties, a new client. Sweetwood commented: “Buyers are attracted to new construction and gut-reno- vated properties when there is a PILOT program in place, and this property had a 30- year PILOT program in place already.” In New Jersey, Tax Abate- ment Programs provide for Payments in Lieu of Taxes or “PILOTs” to help with community growth and prog- ress in areas most in need of redevelopment or rehabilita- tion, attracting commercial, residential or industrial de- velopment more easily to such areas. Under such programs, municipalities are authorized to grant developers exemp- tions from traditional prop- erty taxes for a set period of time to encourage property improvements or to locate a project in a distressed area. Instead of property taxes, developers make annual PI- LOT payments to munici- palities which benefit both the municipality and the devel- oper alike: the payments are structured so that the munici- pality receives more benefit than from typical property taxes; and since the PILOT payment is much less than typical property taxes, the developer gains an increase in the fair market value of the property as a result of a higher net operating income. The Roselle property is lo- cated on the border of Eliza- beth, New Jersey’s fourth largest municipality; near shipping andWarinanco Park, an expansive, green space offering lake activities, an ice-skating rink and multiple playing fields and trails. The property is a four and one-half story brick, elevator building consisting of 32 one-bedroom and 3 two-bedroom renovated
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