WOODBRIDGE, N.J. — The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the 98-year ground lease of Union Bridge Apartments, a multifamily property with 115 units located at 152 Grand Avenue and 153 Darwin Avenue in Rutherford, Bergen County, New Jersey. The transaction included a $9,980,000 upfront fee plus an annual ground rent.
Vice president Scott Davidovic represented the owner and vice president Andrew Scheinerman represented the lessee.
“Kislak was engaged on an exclusive basis to market and sell the property,” said Davidovic. “After careful analysis, the owner determined that a long-term ground lease would be more beneficial. Given the property’s size, Bergen County location and full occupancy, we quickly procured a local investor eager to lease the property on a long-term basis.”
Constructed in the 1940’s, Union Bridge Apartments includes 115 apartments in nine buildings on over three acres with on-site parking. The property is in an excellent rental market and is ideally located in a quiet suburban neighborhood near the Rutherford train station and major highways with easy access to New York City and points throughout northern New Jersey. The buildings are brick with wood siding and have pitched roofs.
“This transaction shows the creative ways in which investors are willing to secure properties in markets, like Rutherford, that have high barriers to entry,” said Scheinerman. “Properties like Union Bridge rarely if ever come to market. As a result, our client was quick to seize the opportunity and secure a long-term lease.”
The owner was represented by Richard Hubschman, Jr., Esq. of Hubschman & Roman, P.C. and the lessee was represented by Richard Kahn, Esq. of Winne Banta and Steven Russo, Esq. Financing was provided by Oritani Bank. At the time the ground lease was executed, the property was 100% occupied.
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.