WOODBRIDGE, N.J. — The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced seven recent investment and commercial sales throughout northern New Jersey totaling $18,625,000.
Vice president Scott Davidovic represented or co-represented the seller in all of the transactions, which include the $7,100,000 sale of 1.033 acres of land in Hoboken; the $4,000,000 sale of 0.34 of an acre of land in Hoboken; the $3,900,000 sale of a 55-unit multifamily property in Elizabeth; the $1,300,000 sale of a 26-unit multifamily property in Irvington; the $1,200,000 sale of a 12-unit multifamily property in Leonia; the $1,125,000 sale of two multifamily properties with a total of 12 units in Newark; and the $600,000 sale of the mortgage and note on a 16-unit mixed-used property in Irvington.
“Scott’s professionalism, hard work and dedication to his clients’ needs have been key to his success,” said president and co-managing director Robert Holland. “Scott continues to be a top performer at Kislak and these seven deals are just a few examples of his latest accomplishments.”
The first Hoboken property consists of 1.033 acres of vacant land and is located adjacent to the light rail station. Davidovic co-represented the seller and purchaser.
“Hoboken is a great location for future development,” said Davidovic. “With such a demand for rentals in Hoboken, it has become one of the most desirable markets in the state.”
The second Hoboken property consists of vacant warehouse space on six lots in the western portion of Hoboken. Davidovic also co-represented the seller and purchaser.
“The buyer purchased the property all cash, ‘as is’ with no contingencies in an effort to help facilitate the approvals process,” said Davidovic. “This is further evidence that buyers are really trying to get into Hoboken.”
The Elizabeth property consists of a five-story elevator building with 55 residential units. The property is centrally located near the Elmora section of Elizabeth and Kean University within close proximity to major highways and public transportation. Davidovic and vice president Jonathan Greenberg represented the seller and Greenberg represented the purchaser.
“A loan assumption was executed to avoid a pre-payment penalty,” said Davidovic. “We represented the seller in the sale of this property and his purchase of a Section 1031 Exchange property.”
“The purchaser was a long-time Kislak client,” said Greenberg. “Several other brokers had the listing but Kislak was able to procure a purchaser and make the deal.”
The Irvington property consists of a three-story brick garden apartment building. The property offers on-site parking and large one-bedroom units. Davidovic represented the seller and Greenberg represented the purchaser.
“The multifamily remains very strong throughout New Jersey where we are seeing high per-unit prices and low cap rates,” said Davidovic. “This property traded at $50,000 per unit and will be gut renovated by the new owner.”
The Leonia property consists of a 12-unit all brick garden-style apartment building. The recently-landscaped property is located in desirable Bergen County close to Fort Lee and the George Washington Bridge. The property includes several gut-renovated apartments, a security system and brand new hardwood floors. Amenities include on-site parking and laundry. Davidovic represented the seller and vice presidents Don Baxter and Andrew Scheinerman represented the purchaser.
“Multifamily properties in Bergen County are in extremely high demand,” said Davidovic. “We were able to sell this building twice in two years.”
The Newark properties consist of two brick buildings, each containing 12 apartments with parking and garages. The properties are centrally located in the Ironbound section of Newark. Davidovic represented the seller and Davidovic and Greenberg represented the purchaser.
“The purchaser completed a Section 1031 Exchange with this property,” said Davidovic. “The seller, who owned the property for 30 years, took advantage of the high demand and prices for multifamily properties.”
The Irvington mortgage and note sale was for a 16-unit mixed-use building with 12 apartments and 4 retail stores. The property was completely renovated in 2007. Davidovic represented both parties in the transaction.
“We sold the mortgage and note for the lender, securing an all-cash buyer and closing in 21 days,” said Davidovic.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, 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 seventh consecutive recognition.