WOODBRIDGE, N.J., – The Kislak Company, Inc. announced the recent off-market sale of Prospect West, a 45-unit mid-rise luxury apartment building in Hackensack, Bergen County, New Jersey, for $9,350,000.
Vice president Barry Waisbrod represented the seller and vice president Jonathan Greenberg represented the purchaser, JP Management. Both the seller and purchaser are longtime Kislak clients.
“The market for multifamily properties in New Jersey remains very strong, with demand far outweighing supply,” said Robert Holland, president. “Bergen County is among the strongest submarkets and wealthiest counties in the tri-state area with easy access to New York City and points throughout northern New Jersey. Hackensack is the most populous city in the county and the county seat. Demand for multifamily properties there is extraordinary. Barry and Jon did an excellent job arranging this off-market sale.”
“The seller was eager take advantage of the booming market in northern New Jersey for multifamily properties,” said Waisbrod.
“The purchaser had this property on his ‘watch list’ for many years. When he did not purchase it when Kislak previously had it for sale, he utilized his longstanding relationship with us to ensure this purchase,” said Greenberg.
Constructed in the 1970’s, Prospect West is a luxury seven story mid-rise apartment building with 45 residential units. The property contains 20 one bedroom units, 21 two bedroom units and four three-bedroom penthouses. There are 44 outdoor parking spaces and 18 garages.
Upon closing, the purchaser embarked on a comprehensive capital improvement plan that includes the construction of a new lobby, installation of a new elevator and many other upgrades.
Greenberg joined Kislak in 1999 and is consistently among the firm’s leading producers. He is a two-time past recipient each of the firm’s Production award and Salesperson of the Year award.
Barry Waisbrod joined Kislak in 2001, is also consistently among the firm’s leading salespeople and was the recipient of the company’s 2013 and 2015 Sima Kislak Jelin Salesperson 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 110th 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 tenth consecutive recognition.