V.P. Andrew Scheinerman Arranges Bergen County Sale and § 1031 Exchanges for Both Parties
Woodbridge, N.J., July 17, 2018 – The Kislak Company, Inc. announced the $3,675,000 sale of Alma Terrace, a 25-unit multifamily property located at 500 Alma Terrace in Teaneck, Bergen County, New Jersey. The transaction was used for a Section 1031 Exchange by both the seller and purchaser.
Kislak marketed the property on an exclusive on behalf of JGSR LLC, a longtime client for whom Kislak has completed multiple transactions. Vice president Andrew Scheinerman represented the seller and also procured the purchaser, PW LLC, a new client.
“The seller realized a 65% increase in value in the five years they owned the property,” said Scheinerman. “The property yielded a strong price per unit and the market has high barriers to entry.”
Located in Bergen County on a quiet, tree-lined street off the main thoroughfare of Cedar Lane, the property consists of brick and masonry three story, walk-up garden apartments with 22 single bedrooms and 3 studios.
Built in 1943, the property features recent updates such as all new windows, gutters, entrance doors, new hallway emergency lighting and intercom systems, and many kitchen upgrades as well.
Amenities for tenants include landlord provision of gas heat and hot water costs, laundry facilities onsite, and a one-block walk to shopping, restaurants and parks as well as easy access to multiple bus lines and rail transportation.
Commenting on the future of the property, Scheinerman added: “There are plans for the buyer to further renovate and upgrade the property.”
Financing was provided by Oritani. The purchaser was represented by Steve Russo, Esq. while Neil Chessin, Esq. represented the seller.
At the time of closing, the property was fully occupied.
Scheinerman joined Kislak in 2011 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. Scheinerman received Kislak’s 2011 Rookie of the Year award and was promoted to a vice president in 2017.
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 112th year, Kislak was among a select group of firms recognized as a 2017 Power Broker by CoStar Group, Inc. and this was the firm’s twelfth consecutive recognition.
For more information about The Kislak Company, Inc., please contact Jason Pucci, Chief Operating Officer, at (732) 750-3000 or firstname.lastname@example.org, or visit www.kislakrealty.com