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Kislak Completes $9 Million Sale of Bergen County, N.J. Multifamily Properties
Sales Associate Andrew Scheinerman Handles Sale of 79 Apartments
June 11, 2014
 

WOODBRIDGE, N.J. — The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the recent sale of four multifamily properties in Bergen County, New Jersey with a total of 79 residential units. The separate transactions included the $2,990,000 sale of a 28-unit property on First Street in Hackensack; the $2,110,000 sale of a 20-unit property on Mary Street in Hackensack; the $2,600,000 sale of a 19-unit property in Ridgefield Park; and the $1,220,000 sale of a 12-unit property in Leonia.  Sales associate Andrew Scheinerman represented the seller of the Hackensack and Ridgefield Park properties and the purchaser in all four transactions.

“The market for multifamily properties remains very strong throughout northern New Jersey and Bergen County is an extremely desirable submarket given its demographics, population density and proximity to New York City,” said Robert Holland, president. “In many communities, occupancies are at or near 100%, rents are rising, and demand among investors for multifamily properties far outweighs supply.”

The First Street property in Hackensack is a 28-unit brick garden-style complex with private entrances, garage parking and additional on-site parking conveniently located one block from Hackensack University Medical Center. The sale price was $2,990,000. “Kislak was engaged on an exclusive basis and produced 25 offers to purchase the property,” said Scheinerman. “Prior to closing, we dealt with two fires and subsequent repairs, and a 5-year real estate tax appeal. The purchaser already began to renovate the property further.”

The seller was represented by David C. Russo, Esq. of Teaneck. The purchaser was represented by Kevin Kelly, Esq. of Kelly Kelly Marotta and Lafferty, LLC of Maywood. At the time of closing, the property was 97% occupied.

The Mary Street property in Hackensack is a 20-unit brick garden-style complex located off of Polifly Road near Route 80 and Hackensack University Medical Center. The $2,110,000 sale was part of a Section 1031 like-kind. "This vintage property sold for $105,500 per unit at an aggressive 5% cap rate,” said Scheinerman. “The sale marked our second transaction with the seller and third with the purchaser.” 

Financing was provided by Northfield Bank through Meridian Capital. The seller was represented by Stephen M. Russo, Esq. of Ridgewood. The purchaser was represented by Kevin Kelly, Esq. of Kelly Kelly Marotta and Lafferty, LLC of Maywood. At the time of closing, the property was 100% occupied.

The Ridgefield Park property is a 19-unit brick mid-rise apartment building with spacious apartments. The sale price was $2,600,000. The property is located on a main road close to downtown Ridgefield Park and Teaneck with accessibility to Routes 80, 3, 4, 17, the Garden State Parkway and the New Jersey Turnpike.  “We sold the property exclusively on behalf one of the largest REITs in the New Jersey,” said Scheinerman. “We facilitated an offer and acceptance less than nine days after our exclusive engagement began.”

The seller was represented by Anthony Pantano, Esq. of Nowell Amoroso Klein Bierman of Hackensack. The purchaser was represented by Ron Ofeck, Esq. of Ofeck & Heinze, LLP of Hackensack. At the time of closing, the property was 100% occupied.

The Leonia property is a 12-unit brick garden-style apartment complex with on-site parking.  The well-landscaped property sold for $1,220,000. It has four gut-renovated units, brand new hardwood floors and a new water heater.  “The property, all studios, commanded one of the highest per unit prices for studios on record at $105,000 per unit,” said Scheinerman.

The seller was represented by Bruce L. Safro Esq. of Hackensack. The purchaser was represented by Alexander Suslensky, P.C. of New York, NY. At the time of closing, the property was 100% occupied.

Andrew Scheinerman joined Kislak in 2009 and specializes in the sale of investment properties throughout northern New Jersey.  He was recognized as Kislak’s co-Rookie of the Year in 2011.

About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, NJ, is recognized as the dominant investment sales firm 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.

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