WOODBRIDGE, N.J. – The Kislak company, Inc. announced the $3.2 million portfolio sale of 18 residential units at 136 Grant Avenue, and 9 residential units at 156 Grant Avenue, both in Jersey City, New Jersey.
Kislak marketed the two properties on an exclusive basis and vice president Daniel Lanni represented both parties in the transaction, which had an accepted offer in less than 30 days.
“We represented the sellers on an exclusive basis to sell this desirable apartment portfolio in an emerging area of Jersey City,” said Lanni. “We received multiple offers from qualified investors and negotiated a full price offer with an aggressive 1031 exchange buyer.”
Financing was provided by New York Community Bank.
The properties consist of two solid, four-story brick buildings with new hardwood floors and appliances and renovated bathrooms with ceramic tiles. While the units at 136 Grant Avenue are comprised of one and two bedroom apartments, the units at 156 Grant Avenue host solely three bedroom apartments.
Located in the Bergen-Lafayette community, which is representative of many individual neighborhoods and sits only 1.5 miles from the heart of the city and major highways, the properties are situated just southwest of the downtown area of Jersey City.
The city is undergoing historic changes due to the deployment of an award-winning branding campaign by the city and its partners in providing incentives such as tax credits for new jobs, transit-oriented development, economic redevelopment and growth, abatements for tiered districts and various bonds.
Employers, developers, investors, new institutions and business selection specialists are being drawn there where new retail, office and residential construction has been approved or is already underway. The city is emerging as a live, work, play and learn destination where creative and entrepreneurial talent and cultural diversity contribute to the revitalization begun.
Daniel Lanni joined Kislak in 2010 and specializes in the sale of multifamily and other investment properties in central and northern New Jersey. He was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a vice president in 2014.
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 111th year, Kislak was among a select group of firms recognized as a 2016 Power Broker by CoStar Group, Inc. and this was the firm’s eleventh consecutive recognition.