6B — May 20 - June 16, 2022 — Central New Jersey — M id A tlantic Real Estate Journal
www.marej.com
C entral NJ 193-unit high-rise apartment building sells for $14.3 Million in Elizabeth The Kislak Company completes multiple transactions in Central New Jersey
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the purchase, Elizabeth Tow- ers TG, LLC, an affiliate of a longtime client. Elizabeth Towers is a well- maintained 13-story senior housing building with 193 in- come and age restricted-units pursuant to the HUD Section 236 Rental Assistance Program and a PILOT program. Situated in the desirable Elmora section of Elizabeth, the elevator building houses 72 studios, 120 one-bedroom units, and one two-bedroom apartments, most of which are subsidized. Amenities include a concierge service and on-site parking. The building was fully oc- cupied with a waiting list at the time of the sale. Additional rental income from seven rooftop antennas allowed ten- ant rents to be kept below market, along with the HUD subsidies. Lending for the sale was financed by New York Community Bank. The Kislak Company, Inc. announced the following re- cent multifamily sales in Monmouth County: • Steiner Ocean Apartments, 36 units at 65 Steiner Ave. in Neptune City for $6.55 million; •20 units at 14-32 Hancock St. in Keansburg for $3 mil- lion; and • 8 units at 2-16 George St. in Neptune for $1.075 million. Kislak marketed the proper- ties, the first two exclusively, with senior vice president Daniel Lanni managing each assignment. He also procured the purchaser of each property. Steiner Ocean Apartments, which was available for the first time in 35 years, consists of three, two-story, garden style buildings with a total of 36 units, all also with private entrances and onsite parking. Under market rents provide a value-add opportunity for the purchaser. Noting the current trend in the market, Lanni remarked: “In the 12 years I have been selling investment real estate in Monmouth County, there has never been a better mar- ket. Those who resisted selling in the past are now compelled given the incredible investor demand and continued cap rate compression. Investors are liquid and there has never been a better opportunity for a seller to achieve top dollar. We had multiple bidders on these deals and efficiently serviced them from start to finish.” MAREJ
NION AND MON- MOUTH COUNTY, NJ — The Kislak
Company, Inc. announced the recent sale of Elizabeth Tow- ers, a 193-unit high-rise apart- ment building at 315 West Grand St. in Elizabeth, Union County, for $14.3 million. Kislak marketed the prop- erty on an exclusive basis with senior vice presidents Joseph Keenan and Jeff Squires handling assignment on behalf of the seller, MMH II, LLC – Marshall & Moran Inc. Executive vice president Joni Sweetwood procured
Joseph Keenan Jeff Squires
Joni Sweetwood Daniel Lanni
Elizabeth Towers
EXCLUSIVE PROPERTIES FOR SALE
Newark, NJ 4 Buildings 57 Units + 2 Retail Michael Salomon ext 243
Westport, CT 28 Units Andrew Scheinerman ext 247
Newark & East Newark, NJ 3 Buildings 20 Units Julie Gralla ext 224
Orange, NJ 12 Units Joni Sweetwood ext 273
Eatontown, NJ 28,166 SF Office Daniel Lanni ext 248
Fair Haven, NJ Free-Standing Building Daniel Lanni ext 248
The Kislak Company, Inc. | kislakrealty.com | 732 750 3000
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