WOODBRIDGE, N.J. — The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the $10,300,000 sale of Bradley Beach Village, a luxury rental property with 42 residential units and five retail spaces in Bradley Beach, New Jersey. Sales associate Daniel Lanni represented both parties in the transaction. Senior vice president Matt Weilheimer provided transaction management and support.
The sale of Bradley Beach Village is the largest sale of a multifamily property in Monmouth County, New Jersey in terms of price and price per unit since 2012 based on data available from CoStar.
“Bradley Beach Village is a highly desirable property due to its newer construction, occupancy, high-end finishes and amenities, and downtown location next to the Bradley Beach train station, which provides service to and from New York City,” said Robert Holland, president. “Dan and our team did an incredible job generating a tremendous amount of interest for the property in a short period of time. Our ‘hands-on’ sales approach ensured a smooth and relatively quick closing.”
Constructed as condominiums in 2009 and later converted to rentals, Bradley Beach Village is located at 706 Lareine Avenue in Bradley Beach. The property faces Route 71, which is Main Street, and is six blocks west of the Atlantic Ocean. It is a Class “A” trophy asset with 42 residential units that offer abundant in-unit amenities including balconies, granite countertops and washers and dryers, and five retail spaces.
“Another broker had the listing and was not able to sell it,” said Lanni. “After the seller engaged Kislak on an exclusive basis, we were able to attain an offer and acceptance within 30 days and close 60 days thereafter. The new owner plans to lease out the remaining vacant retail spaces and may sell the property as condominiums in the future.”
Financing was provided by Northfield Bank. At the time of closing, the residential units were fully occupied. One of the five retail spaces was occupied.
Mr. Lanni joined Kislak in 2010 and specializes in the sale of multifamily and other investment properties throughout Monmouth and Ocean Counties. He was the recipient of the company’s 2011 Rookie of the Year Award.
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.