Woodbridge, N.J. – The Kislak Company, Inc. announced the $4.9 million sale of BridgeView at Manayunk, a 22-unit, Class A apartment building located at 171 Grape Street in Philadelphia, Pennsylvania.
Sales Associate Anthony Palmiotto marketed the property on an exclusive basis, representing both the seller and purchaser in a transaction which presented many challenges to all parties involved – buyer, seller, attorneys and broker alike. Senior vice president Matt Weilheimer provided transaction management and support.
“While we were presented with many obstacles, this successful closing shows once again why Kislak remains a market leader in multifamily brokerage,” said Mr. Palmiotto. “The seller was able to realize a price per unit that sets the new high water mark in Manayunk, while the buyer has acquired a stable, well-located asset that has immediate upside and an excellent long term outlook.”
“This transaction presented many challenges,” said Mr. Weilheimer. “Anthony did an excellent job working through each issue with all parties involved to ensure a successful closing.”
Erected in 1918, the 22,000 square-foot, 4-story elevator building was renovated in 2010 inclusive of roof replacement. The building is fully sprinklered and includes 16 one-bedroom and 6 two-bedroom apartments with 27 onsite parking spaces. Flooring in the units consists of hardwood in the living and dining rooms, Berber carpeting in the bedrooms and tile in the bathrooms and kitchens; kitchens have been fitted with stainless steel appliances and electric ranges.
Located on a 16,561 square foot lot in the Manayunk neighborhood of Philadelphia with easy access to local dining and shopping, the property is just 1 ½ blocks off of Main Street and within walking distance of the SEPTA Manayunk train station and multiple SEPTA bus stations.
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.