WOODBRIDGE, N.J. — The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the $18,250,000 sale of a 16,000 square foot portfolio of buildings in Hoboken. The portfolio includes 10 apartments and 10 retail spaces. Vice president Scott Davidovic represented the seller and vice president Janet Bortz represented the purchaser.
The portfolio consists of adjacent properties on Washington, Newark and Court Streets in the historic section of Hoboken four blocks from the PATH station. The portfolio is located in one of the most desirable and fastest-growing residential and retail markets in the region known as the Gold Coast. The retail tenants, including Verizon Wireless, are located on a prime corner directly across from Hoboken city one block from a CVS, Office Depot and Starbucks. The residential units were converted to condominiums and several of them were recently gut-renovated.
“After trying to sell the property on his own, the seller engaged Kislak on an exclusive basis to market and sell the portfolio, which enabled us to market it widely to local, regional and national investors,” said Davidovic. “Given the demand for properties in Hoboken, the close proximity of the portfolio to the PATH station and lower Manhattan, there was extraordinary interest from a variety of investors. We achieved 96% of the asking price.”
“Scott, with the help of the entire Kislak team, marketed the property and produced many offers for the owner,” said Robert Holland, president and co-managing director. “Janet Bortz, a 13-year Kislak veteran ultimately produced a buyer with the highest offer who subsequently closed the deal.”
“The demand for real estate in Hoboken exceeds the supply of available properties,” said Bortz. “The excellent location, high rents and long-term growth brought qualified buyers willing to pay lower cap rates.”
The seller was represented by Robert Matule, Esq. of Hoboken and the purchaser was represented by Edward Bortz, Esq. of Englewood Cliffs, NJ. At the time of closing, the property was 100% occupied. Financing was provided by Northfield Bank.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, NJ, is recognized as the dominant investment sales company serving the multifamily and retail markets. 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 25 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 108th year, Kislak was among a select group of firms recognized as a 2013 Power Broker by CoStar Group, Inc. for multifamily sales transactions in northern New Jersey and this was the firm’s eighth consecutive recognition.