WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale of 110 condominiums at The Lenox in Union City, Hudson County, New Jersey for $13,000,000.
Vice president Barry Waisbrod represented both parties in the off-market transaction.
“There is continued strong demand among investors for multifamily properties in Union City, as well as greater Hudson County, given the area’s large population, proximity to New York City and very low vacancy rates,” said Robert Holland, president. “Barry did an excellent job facilitating this off-market sale, and the closing occurred very quickly – within 30 days of contract execution.”
The Lenox is a 300-unit luxury high-rise condominium located on Central Avenue in Union City. Residents enjoy easy access to New York City with bus service available directly across the street from the building. Neighboring Hoboken and Manhattan are only minutes away.
Amenities include onsite parking, a 24-hour doorman, childcare and fitness centers, and a landscaped courtyard. Units have energy efficient air conditioning, crown molding and gourmet kitchens featuring steel appliances, granite countertops, maple cabinetry, and porcelain tile. Some units enjoy expansive views of Manhattan.
Over the last 10 years, the building has undergone numerous improvements including a roof replacement, installation of a new rooftop water tank, elevator upgrades, hallway renovations, new balcony doors, exterior brick pointing, security cameras, and a central station hardwired fire alarm system.
“The purchaser felt strongly about the Union City market,” said Waisbrod. “Union City has a high percentage of renters and its proximity to New York City typically results in near zero vacancy rates. This was an attractive long term investment with upside.”
Union City, with an area of approximately 1.3 miles is the most densely-populated city in the United States, and its density is nearly twice as high as that of New York City.
Waisbrod joined Kislak in 2001 and is consistently among the firm’s leading salespeople. He was the recipient of Kislak’s 2013 and 2015 Sima Kislak Jelin Salesperson of the Year award.
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 110th year, Kislak was among a select group of firms recognized as a 2015 Power Broker by CoStar Group, Inc. and this was the firm’s tenth consecutive recognition.