Woodbridge, N.J. – The Kislak Company, Inc. announced the recent sale of Plaza 53, a new luxury multifamily property, for $25,400,000. The transaction represented the completion of the development of a 2.32-acre parcel, the sale of which Kislak also handled in 2013 for $3,600,000. The total sale price was $29,000,000.
Senior vice president Scott Davidovic represented the seller and developer, 1122 53rd Street Urban Renewal LLC, and president Robert Holland represented the purchaser, RK 53 Urban Renewal LLC.
The property is a new five-story class “A” apartment complex with 122 units located at 1122 53rd Street in North Bergen, Hudson County, New Jersey. A wide choice of spacious floor plans are available for three units – one bedroom/one bath, one bedroom/den/two baths, and two bedrooms/two baths. Square footage ranges from 785 to 1,015 with monthly rents starting at $1,850 for the smallest units and upwards of $2,295 plus for the largest units.
“Hudson County is among the hottest development markets, especially for multifamily properties, in the Tri-State Area,” said Mr. Davidovic. “The seller-developer capitalized on the demand for new luxury product, which many investors are seeking.”
“North Bergen is an extremely strong market given its population and proximity to New York City and points throughout northern New Jersey,” said Mr. Holland. “This sale presented an opportunity for the purchaser to acquire a new luxury apartment building in the heart of the city, only minutes from the waterfront and Manhattan.”
Apartments are outfitted with designer-styled kitchens with granite counters and under-mounted sinks; energy efficient lighting and stainless-steel appliances. There are hardwood floors throughout along with oversized windows, natural gas heating, individual washer and dryer and built-in master bedroom closets with abundant storage.
Other amenities include a fully equipped fitness center with steam and sauna; clubhouse with media/game room; business center; and outdoor pool in a landscaped setting. A multi-level garage with ample indoor parking makes for commuters’ ease. On-site maintenance and management ensures dedicated attentiveness to tenant and property needs.
Convenience to mass transit is available via bus and light rail along the busy north-south corridors to Weehawken, Bayonne, Jersey City and Hoboken and into upper and mid-Manhattan via Hudson-Bergen Light Rail and NJ Transit. Routes 3, 9, and 495, the Lincoln Tunnel and New Jersey Turnpike provide an easily-accessible commute into New York City, Newark, and points south.
North Bergen is an “Urban Enterprise Zone” designated by the state to provide various incentives for local businesses whereby the revenue from reduced sales tax on goods and services is kept in a fund and funneled back into the township for specific economic development and physical improvement projects. It is one of the most densely populated areas in New Jersey.
Mr. Davidovic joined Kislak in 2006 and specializes in the sale of multifamily properties with a focus on land and development throughout northern New Jersey. After his first year with Kislak, he received the firm’s prestigious Rookie of the Year award and he is also a past recipient of the firm’s Sima Kislak Jelin Salesperson of the Year award.
Mr. Holland joined Kislak in 1984, is one of the firm’s all-time leading salespeople and became president in 2012. In addition to overseeing the company and managing a team of salespeople, he specializes in the sale of multifamily and other investment properties throughout central and eastern Pennsylvania.
About The Kislak Company, Inc.
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 leadership position and longevity 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 prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 30 professionals provide comprehensive market coverage 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 CoStar Group, Inc. and this was the firm’s twelfth consecutive recognition.