WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale of Pavilion Apartments, one of Newark, New Jersey’s largest and most iconic multifamily properties designed by Ludwig Mies van der Rohe, a pioneer of modernist architecture, for $70,500,000.
Kislak marketed the property on behalf of longtime client Pavilion Broad Street, LLC. Senior vice president Joni Sweetwood represented the seller and procured the purchaser, The Pavilion Towers, LLC, a regionally-based investor.
The sale of Pavilion Apartments is the single largest sale of a multifamily property in Newark by more than $18,000,000 based on data available from CoStar. It is also among the largest multifamily properties in Newark and all of New Jersey.
The terms of the sale included the assumption of existing debt with the addition of significant equity.
“This was an extraordinary sale in a burgeoning market,” said Ms. Sweetwood. “Over the last several years, we have been witnessing Newark’s long-awaited renaissance with rapid development throughout the city and population growth. More and more people are moving to downtown Newark given its ongoing transformation and easy commute to New York City. Pavilion Apartments are well positioned to meet the growing demand for affordable luxury housing in Newark’s economic and cultural center.”
Pavilion Apartments were built in 1958. After completing the landmark Seagram Building in New York City, Ludwig Mies van der Rohe designed three towers in Newark, two of which are Pavilion Apartments. In recent years, the seller completed numerous capital improvements.
The property is located at 136 Dr. Martin Luther King, Jr. Boulevard in Newark’s Central Ward, just north of the city’s downtown, and adjacent to Newark Broad Street Station, a New Jersey Transit rail and light rail station. It offers superior high-rise living with panoramic views of wide swaths of northern New Jersey and New York City.
It consists of two adjacent 22-story high-rise buildings with 680 residential units and two retail spaces (one in each building) on over eight acres. The residential unit mix includes studios and one- and two-bedroom apartments.
“This was a once-in-a-generation sale,” said Robert Holland, president. “Properties of this size and stature rarely trade. From start to finish, Joni did an absolutely amazing job facilitating the sale. For years, she had been working with the seller and analyzing the market to optimize the timing of our marketing and eventual sale. Joni also procured the ideal buyer who will benefit long-term as the property is enhanced further, residential demand in Newark increases even more and Newark’s renaissance continues.”
Ms. Sweetwood previously handled the sale of multifamily properties in Asbury Park and Orange, New Jersey for affiliates of Pavilion Broad Street, LLC. She joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. Ms. Sweetwood 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.
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 2016 Power Broker by CoStar Group, Inc. and this was the firm’s eleventh consecutive recognition.