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Mid A tlantic R eal Estate Journal — New Jersey — August 17 - 30, 2012 — 11B
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sbury Park, NJ — The Kislak Company, Inc. completed five sales 129 units located in Central New Jersey Senior vice president Sweetwood of The Kislak Company handles $6.6 million in multifamily A the transaction pursuant to an listing agreement. the seller and Sweetwood rep- resented the purchaser.
sity urban buildings – through- out the state’s submarkets,” said president and co-manag- ing director Robert Holland. “These sales are representative of the demand among investors as well as what is occurring in the market. The properties are also in submarkets with very low vacancy rates close to abundant mass transit.” The Asbury Park sale was of Frederick Douglas Apart- ments, a 90-unit garden apart- ment complex located two blocks from the city’s train station and only a few blocks from the beach and the city’s vibrant downtown commercial district. Senior vice president Joni Sweetwood represented both parties in the transaction pursuant to an listing agree- ment. “Asbury Park is becoming increasingly popular for resi- dents and investors alike as
the revitalization of the city proceeds,” said Sweetwood. “The area has become trendier with restaurants, shops and nightlife. People want to live there. Occupancy at the prop- erty is nearly 100% and rent concessions, which had been of- fered in the past, are no longer needed to attract tenants.” The purchaser assumed the seller’s existing financing. The mortgage assumption was facilitated by Arbor Commer- cial Mortgage. The seller was represented in-house and the purchaser was represented by Richard Kelin, Esq. of Fein- stein, Raiss, Kelin & Booker, LLC. The sale marked the second transaction that Kislak handled on behalf of each of the seller and purchaser. The first East Orange sale was of a 45-unit four-story masonry building with eleva- tor service. Sweetwood also represented both parties in sponsible development, thanks in large part to its proximity to mass transportation which sig- nificantly limits dependence on cars and reduces the impact on the environment,” said Chris- topher Paladino, president of DEVCO. “The successful realization of this project is a credit to the diligent work, vision, collabora- tion and commitment to excel- lence of a public/private part- nership working together to create a mixed-use destination that is for the good of the com- munity at large. Without the desire of local government and community groups to establish working relationships with pri- vate companies, a project like Gateway Transit Village would never be possible.” The vision of Gateway Tran- sit Village can be traced back to 2009 when Rutgers Uni- versity expressed a desire for a new centralized University Bookstore, and DEVCO reas- sessed the City’s need for more residential units and mixed-use
The purchaser obtained a new first mortgage at an at- tractive rate. The seller was represented by JonathanMehl, Esq. and the purchaser was represented by Melanie Scro- ble, Esq. of Ansell, Grimm & Aaron, PC. At the time of closing, the property was 98% occupied. The second East Orange sale was of a 47-unit four-story brick building with elevator service. The transaction was a distressed sale wherein Sweet- wood facilitated the all-cash sale of the mortgage on the property and the transfer of the deed, both to the purchaser. The Plainfield sales were of two neighboring properties on Eighth and Ninth Streets with a total of 39 units that include a combination of studios and one-bedroom units. VP Alan Sommer Storozum represented development near mass tran- sit. Gateway Transit Village emerged as the solution. In spite of the down economy and escalating construction costs, the partnership was able to leverage financial resources, clout and experience to make Gateway Transit Village a reality. Designed by Manhattan- based Meltzer/Mandl Archi- tects, PC, Gateway Transit Village is directly connected to the westbound train platform of the Northeast Corridor Line at the New Brunswick Train station by a recently completed landscaped pedestrian walk- way. To keep the area active and vibrant, the building also offers public enhancements like community gathering spaces within the Barnes & Noble, a large iconic clock spelling out R-U-T-G-E-R-S adorning the main façade of the building and a park-like elevated promenade adjacent to the building. The walkway is large enough for public gatherings and also
“In Plainfield, there have been sales of both market rate properties and distressed prop- erties as there had been sev- eral distressed or bank-owned properties in the area,” added Sweetwood. The owner initial- ly purchased these properties from a lender at a discount. We then marketed the properties on an exclusive basis and sold them at a market rate price.” The Jersey City sales were of two neighboring properties on Arlington Street with a total of 16 units that include one-, two- and three bedroom units. The seller had previously pur- chased a distressed mortgage on the property and foreclosed. Sales associate Scott Davidovic represented the seller and Sweetwood represented the purchaser. The seller provided the purchaser with a purchase money mortgage. n offers direct and convenient access to mass transit for the 20,000 local residents who live within a half mile of the new building. While initially part of a re- development initiative focused on housing, retail, parking and better access to mass transpor- tation, Gateway Transit Village is significantly contributing to the lifestyle renaissance taking place in New Brunswick. In addition to the 150 luxury rental residences and 42 Pent- house condominiums located on the upper floors, the building also features 57,000 s/f of retail space in its first two stories, including a full-scale Barnes & Noble book store that will also serve as the Rutgers Uni- versity Book Store, a Brother Jimmy’s BBQ restaurant, and a Starbucks. The book store and restaurant are expected to open in the summer/fall. There’s also 55,000 s/f of com- mercial office space located on floors three through seven, and a 657-space parking garage. n
transactions throughout N e w J e r - sey totaling $11.75 mil- lion. In sepa- rate transac- tions, a 90- unit property i n A s b u r y
Joni Sweetwood
Park sold for $4.5 million; a 45- unit property in East Orange sold for $2.9 million; a 47-unit property in East Orange for $1.6 million; two properties with a total of 39 units in Plainfield sold for $2.1 million and two properties with a total of 16 units in Jersey City sold for $650,000. “The market remains very strong throughout New Jersey for all types of multifamily properties – from suburban garden complexes to high-den- NEW BRUNSWICK, NJ — Gateway Transit Village has been honored with a 2012 Smart Growth Award from New Jersey Future, the Tren- ton-based, non-profit smart- growth research and advocacy group. The 23-story development, which includes parking, retail and commercial space and a 192-unit residential component called The Vue, was voted best in the state in the Transit-Ori- ented Development Partner- ship category. The award was presented to the New Bruns- wick Development Corpora- tion (DEVCO) and Pennrose Properties, the public/private partnership behind Gateway Transit Village, in conjunction with the New Brunswick Park- ing Authority and New Jersey Economic DevelopmentAuthor- ity, at the New Jersey Future’s annual Smart Growth Awards ceremony held recently at the Newark Club. Gateway Transit Village was one of eight projects and in-
Gateway Transit Village in downtown New Brunswick wins 2012 Smart Growth Award from New Jersey Future
The Vue dividuals honored in various categories for their impact on creating responsible housing and healthy living environ- ments through smart growth and redevelopment. “We’re delighted that Gate- way Transit Village was recog- nized as a prime example of re-
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