WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sales of a portion of two co-op multifamily properties in Elizabeth and Passaic, New Jersey for a total of $7,044,000. The separate transactions include 51 out of 190 co-op units at Barry Gardens in Passaic for $3,876,000 and 44 out of 85 co-op units at Tudor Court in Elizabeth for $3,168,000. The co-ops have been operated as rentals, have high historical occupancy rates and were fully occupied at the time of closing.
Kislak marketed both properties on an exclusive basis. Vice president Jeff Squires represented the sellers in both transactions and the purchaser in the Elizabeth sale. Vice president Robert Squires represented the purchaser in the Passaic sale.
“These sales represented unique opportunities for investors to acquire a significant portion of co-op units in well-established properties,” said Robert Holland, president. “Both properties are strong and stable in excellent locations.”
Barry Gardens is located in a residential neighborhood in Passaic, two blocks from the New Jersey Transit train station. The property is walking distance to Veteran’s Memorial Park, several synagogues and various religious organizations. The property is well-maintained and various capital improvements have been made. Amenities include a pool, playground and laundry room.
Tudor Court is located in a residential neighborhood in the North Avenue area of Elizabeth. It has semi-private entrances and on-site parking The North Broad Street Train Station is located one-half mile east of the property and provides direct access to New York City. The property is adjacent to two private schools and is one-half mile from Kean University.
“Tudor Court and Barry Gardens are both among the most desirable garden apartment communities in each of their respective markets. Both properties are a short walk to the train and have been held by the same owner for over 30 years,” said Jeff Squires. “We were able to quickly procure purchasers for each property and Tudor Court closed on an all-cash basis.”
“Rarely does such a large property come on the market in Passaic Park,” said Robert Squires. “After obtaining the listing for Barry Gardens, Kislak received an overwhelming demand for the offering memorandum, after which we were able to secure a deal.”
Jeff Squires joined Kislak in 2007 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. After his first year with Kislak, he received the firm’s prestigious Rookie of the Year award and was subsequently promoted to a vice president in 2009, He was also the recipient of the firm’s 2012 Sima Kislak Jelin Salesperson of the Year award and 2014 Producer of the Year award.
Robert Squires joined Kislak in 2003 and also specializes in the sale of multifamily and other investment properties throughout northern New Jersey. He was recognized as Kislak’s 2005 Rookie of the Year and was promoted to a vice president in 2008. He was also the recipient of the firm’s 2011 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.