WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale of a 25-unit apartment building with one retail space in West New York, New Jersey for $1,625,000.
Vice president Andrew Jonas represented the seller, a longtime Kislak client, and vice president Don Baxter represented the purchaser, an area investor-developer and longtime Kislak client.
The five-story brick building is located at 234 51st Street and had been seriously damaged by a five-alarm fire in 2015. The building had been evacuated before the fire spread and no injuries were reported. Once preliminary restoration work was completed, the seller engaged Kislak on an exclusive basis to market and sell it.
“Given the building’s location and tremendous potential, we generated very strong interest from clients and investors from throughout north Jersey and New York City, which culminated in a bidding war,” said Jonas. “The apartment market in West New York is extremely strong and this sale presented an opportunity to develop and own an effectively new building in the heart of the city, only minutes from Manhattan.”
The transaction was all cash and the contract called for no due diligence.
“Educated investors familiar with this area understand the outstanding opportunity due to the location and rent potential in one of the most densely populated areas of the country,” said Baxter. “This particular sale demonstrates how much value remains in renovations.”
“Give what transpired with the building, its condition and total vacancy, the transaction provided an array of challenges,” said Jason Pucci, chief operating officer. “Andy and Don worked diligently with both parties to resolve each issue that arose.”
The purchaser intends to complete a full renovation of the property.
“Investors are still willing to pay top dollar for value-add opportunities,” said Baxter. “This particular property emphasizes how much value remains in renovations."
Jonas joined Kislak in 1988 and has a strong record of investment sales in and around New Jersey.
Baxter joined Kislak in 2006 and specializes in the sale of multifamily and other investment properties throughout New Jersey with emphasis on Hudson County where he is among the area’s leading producers.
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.