WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent 98-year ground lease of Plaza Gardens, a 66-unit apartment complex located at 2151-2171 Center Avenue in Fort Lee, New Jersey The transaction included an aggressive upfront fee plus an undisclosed annual ground rent based on a cap rate valuation of 5+ percent. Vice president Scott Davidovic represented the owner and sales associate Andrew Scheinerman represented the tenant.
Constructed in the 1950s, the property includes 66 apartments in eight two-story brick buildings with on-site parking, garages, and separate utilities. The property is in an excellent rental market and is ideally located in a suburban neighborhood near the George Washington Bridge and major highways with easy access to New York City and points throughout northern New Jersey.
“This is a unique transaction, but it is indicative of the booming multifamily market we’re in,” said Davidovic.
“This is our second transaction with the owner and we are currently working on a third transaction with him on an exclusive basis,” said Scheinerman. “This is our fifth transaction with the tenant who plans on raising rents after upgrading units.”
The owner was represented by Richard Hubschman. Esq. of Hubschman & Roman, P.C. in Palisades Park, New Jersey and the tenant was represented by Steve Russo, Esq. of Russo & Russo in Ridgewood, New Jersey. Financing was provided by Oritani Bank. At the time of lease execution, the property was 100% occupied.
Davidovic joined Kislak in 2006 and specializes in the sale of multifamily properties with a focus on land and development throughout northern New Jersey. After his first year with Kislak, he received the firm’s prestigious Rookie of the Year award, which recognizes a newer salesperson who records the greatest achievements during the year, and was promoted to vice president in 2013.
Scheinerman joined Kislak in 2011 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. After his first year with Kislak, Scheinerman also received the Rookie of the Year award.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage consistently recognized for its investment sales success. 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 30 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 109th year, Kislak was among a select group of firms recognized as a 2015 Power Broker by CoStar Group, Inc. for multifamily sales transactions in northern New Jersey and this was the firm’s ninth consecutive recognition.