S.V.P. Joni Sweetwood and Sales Associate Julia Gralla Arrange Portfolio Sale

Woodbridge, N.J., August 14, 2018 – The Kislak Company, Inc. announced the recent sale of two multifamily properties in Orange, New Jersey for $3,750,000. The sales include 490 Tremont Avenue with 26 units and 580 Forest Street with seven live/work artist lofts.

Kislak marketed the Forest Street property on an exclusive basis with senior vice president Joni Sweetwood representing the seller of both properties. Sales associate Julie Gralla represented the purchaser of both properties, a loyal repeat client.

“Orange is extremely an attractive market for both landlords and tenants,” said Ms. Sweetwood. “For landlords, the demand for apartments and the ability to raise rents annually by as much as 5% on existing tenants and go to ‘market rent’ on turnovers makes Orange a tremendous market in which to invest. Tenants love the conveniences of Orange including its quick and easy direct train service to New York City.”

A bidding war occurred for the Tremont Avenue property, which is reflective of a market trend in Essex County where, despite rising interest rates, multifamily properties remain extremely sough after among investors.

Ms. Gralla remarked: “Working with the purchaser could not have been easier and I look forward to closing many more transactions together. I am excited to see how he will transform 490 Tremont and continue the upkeep on the beautiful Manhattan-style lofts on Forest Street.”

The 26-unit property on Tremont Avenue is a three and one-half story, all brick apartment building with a new boiler, new hot water heater and coin-operated washers and dryers.  The units are very spacious with high ceilings, many huge closets, eat-in kitchens and parquet floors – a style indicative of more historic buildings.

The 7-unit building on Forest Avenue was a brick firehouse converted in 2012 to artists’ lofts/studio apartments in the Valley Arts District, surrounded by restaurants, music and theatre venues, close to the Midtown direct train.  All but one unit has a private outdoor gallery with a lobby curated by tenant artists to display their work monthly. With only one turnover in five years, the attractive, converted firehouse has an extensive waiting list.

Jonathan Mehl, Esq. represented the purchaser and Oritani Bank provided the financing.

Ms. Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. She has won numerous sales awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the firm’s production award multiple times since then and has been recognized repeatedly as one of New Jersey’s Commercial Brokerage All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business.

Ms. Julie Gralla is a rising star at Kislak. She joined Kislak in 2011 and in 2012 won the firm’s Rookie of the Year award. Ms. Gralla has completed transactions valued at more than $65 million.

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.

For more information about The Kislak Company, Inc., please contact C.O.O. Jason Pucci at (732) 750-3000 or jpucci@kislakrealty.com, or visit www.kislakrealty.com

 

Kislak Sells 33 Units in Orange, N.J. For $3.75 Million