Sales Associate Gregory Koenig Arranges Exclusive Sale 94 Units in Nanuet & Pearl River
Woodbridge, N.J., June 29, 2022 – The Kislak Company, Inc. announced the recent sale of a three-property multifamily portfolio in Nanuet and Pearl River, Rockland County, New York, for $19,200,000. The portfolio includes Buckingham Gardens with 64 units at 249 North Middletown Road in Nanuet, Henry Street Apartments with 18 units at 31-33 South Middletown Road / 24 Henry Street in Pearl River and a 12-unit property at 76 – 80 Hunt Avenue in Pearl River.
Kislak marketed the portfolio on an exclusive basis with sales associate Gregory Koenig handling the assignment on behalf of the sellers, Hunt Properties, LLC; Henry Properties, LLC and Middletown Properties, LLC, which are in the process of exchanging completing an I.R.C Section 1031 exchange following the sale of their portfolio. Mr. Koenig also procured the purchaser, Harborview Properties I, LLC, which completed an I.R.C Section 1031 exchange with the purchase of the portfolio. This was also the second sale Kislak and Mr. Koenig handled on behalf of the sellers in the last year.
Mr. Koenig commented, “The purchaser was thrilled to complete a 1031 exchange with the purchase of these three properties. The sellers took advantage of a strong market, deciding to sell after 30 years of ownership. It was a smooth transaction and a big win for both parties.”
The portfolio consists of 94 free market units that include many recent capital improvements. 15 of the 94 units have been fully renovated and an additional 19 units have renovated bathrooms and other improvements. The fully renovated units are achieving rent premiums of $200 – $500 per unit.
The unit mix includes six efficiency units, six studios, 36 one-bedroom units and 16 two-bedroom units at Buckingham Gardens; 10 one-bedroom units and eight two-bedroom units at Henry Street Apartments; and 12 one-bedroom units at the Hunt Avenue property.
Rockland County is a very strong rental market with a limited number of multifamily property options.
Nanuet is a hamlet and census-designated area within Clarkstown located north of Pearl River, south of New City, east of Spring Valley, and west of West Nyack. It is 19 miles north of Manhattan and two miles north of the New Jersey border with one of three Rockland County stations on New Jersey Transit’s Pascack Valley Line.
Pearl River is also a hamlet and census-designated area within Orangetown located east of Chestnut Ridge, south of Nanuet, west of Blauvelt, New York, and north of Montvale and Old Tappan, New Jersey. It is 20 miles north of Manhattan and just north of the New Jersey border. It is the first of three New York stops on New Jersey Transit’s Pascack Valley Line.
Gregory Koenig joined Kislak in 2020 and specializes in the sale of multifamily and other investment properties in the lower Hudson Valley and was awarded the company’s Rising Star Award in 2021. His recent investment sales total more than $40 million.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm 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 thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, and Delaware.
Now in its 116th year, Kislak was among a select group of firms recognized as a 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition.
