WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the $10,000,000 sale of Gaia Grand, a 58-unit multifamily property with one office located at 650 Park Avenue, East Orange, New Jersey; and the $7,975,000 sale of Gaia Renaissance, a 61-unit multifamily property located at 394 South Harrison Street, East Orange, New Jersey.
Senior vice presidents Barry Waisbrod and Joni Sweetwood marketed Gaia Grand on an exclusive basis and Waisbrod marketed Gaia Renaissance on an exclusive basis. The sellers were affiliates of Gaia Real Estate Company. Waisbrod also represented the purchaser of the properties, a New York-based private investor.
“These were the sellers’ last multifamily properties in New Jersey,” said Waisbrod. “They marketed them previously with another firm, which did not meet their pricing expectations. We generated strong demand for the properties and acceptable prices.”
“The purchaser is investing in properties in strong New Jersey markets with value-add potential, added Waisbrod.” “This is their second portfolio purchase in East Orange.”
“I have been selling multifamily properties in East Orange for over 20 years,” said Sweetwood. “Today’s prices are 10 times what they were then when buildings had many vacancies and tenants struggled to pay rent. Today it is the opposite with high rents, a strong tenant base with many tenants moving from New York, no vacancies and excellent tenant collections.”
“Easy access to mass transit and convenience are everything today,” added Sweetwood. “East Orange is viewed as an inexpensive alternative to the New York City boroughs. There is significant redevelopment at both East Orange train stations, which is adding to city’s desirability.”
Gaia Grand is one of the premier multifamily properties in East Orange. Converted from an office building in 2005, the property’s spacious one- and two-bedroom luxury units include gourmet kitchens with granite countertops and stainless steel appliances, in-unit washers and dryers, marble bathrooms and hardwood floors. On-site amenities include a pool and fitness center.
The property is conveniently located within walking distance of the historic Brick Church Station, which provides direct New Jersey Transit train service to Manhattan, bus service and abundant retail and commercial offerings.
Gaia Renaissance was constructed in 2005 and includes luxurious one- and two-bedroom units with amenities including central air conditioning and heating and gourmet kitchens. Property amenities include a fitness center, laundry rooms, a resident lounge and gated parking.
The property is located on South Harrison Street across from Monte Irvin Orange Park among many well-maintained homes and other luxury apartment buildings.
Financing for the purchaser was provided by Customers Bank. The purchaser was represented by Richard S. Kelin, Esq. of Feinstein, Raiss, Kelin & Booker, L.L.C.
Waisbrod joined Kislak in 2001 and is consistently among the firm’s leading salespeople. He specializes in the sale of investment properties in and around New Jersey. Waisbrod was the recipient of the firm’s 2013 and 2015 Sima Kislak Jelin Salesperson of the Year award.
Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. She has won numerous awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the company’s production award multiple times since then. She has also been recognized repeatedly as one of New Jersey’s Commercial Broker All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business.
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 111th year, Kislak was among a select group of firms recognized as a 2016 Power Broker by CoStar Group, Inc. and this was the firm’s eleventh consecutive recognition.