WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale of a portfolio of three multifamily properties in Paterson, New Jersey for an undisclosed price. The properties included in the sale were:
– 324 Broadway with 38 units;
– 339 Broadway with 55 units; and
– 432 Broadway with 43 units.
Kislak marketed all of the properties on an exclusive basis on behalf of a longtime client and vice president Jonathan Greenberg represented both parties in the transactions. The purchaser was also a longtime Kislak client.
“Paterson is a very hot rental market with a large percentage of renters, a growing population and occupancies typically at or near 100%,” said Robert Holland, president. “Jon and our team generated strong interested in the portfolio from local and regional investors. Jon did an excellent job procuring a purchaser who was able to close within 30 days of contract signing.”
Paterson is New Jersey’s third most populous city with the second highest density of any American city with over 100,000 people, behind only New York City.
324 Broadway is a five-story, brick, mid-rise elevator building with studios and one-, two- and three-bedroom units. 339 and 432 Broadway are brick, mid-rise buildings with studios and one- and two-bedroom units. All properties are well-maintained and professionally- managed and landscaped with many recent improvements.
“This was an extraordinary opportunity for an investor to acquire well-maintained and well-performing properties with upside potential in an excellent location,” said Greenberg. “It is a testament to our ability to find the right buyer for the right properties with the ability close so quickly. Other local and national brokers had the opportunity to sell the portfolio but did not.”
Greenberg joined Kislak in 1999 and is also consistently among the firm’s leading salespeople. He is a two-time past recipient of Kislak’s Producer of the Year award and 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. and this was the firm’s tenth consecutive recognition.