V.P. Andrew Scheinerman Arranges Off-Market Sales for Record Prices
Woodbridge, N.J., December
11, 2019 –
The Kislak Company, Inc. announced the recent off-market sale of a
three-property multifamily portfolio with a total of 87 residential units in
Bergen County, New Jersey for a total of $15,725,000.
The separate transactions included the $6,450,000 sale of a 38-unit property located at 403 Prospect Avenue and 333 Passaic Street in Hackensack; the $4,900,000 sale of Riverside Terrace, a 24-unit property in Bogota; and the $4,375,000 sale of Queen Anne Apartments, a 25-unit property in Hackensack.
Vice president Andrew Scheinerman represented the
seller, Sanzari Residential, LLC, in the transactions. Mr. Scheinerman also
procured the purchasers for Riverside Terrace and Queen Anne Apartments. Vice
president Robert Squires procured the purchaser for the property located on Prospect
Avenue and Passaic Street.
“Our offering of the portfolio presented an extraordinary opportunity for investors to acquire well-maintained and well-performing garden apartments in among the strongest rental markets in northern New Jersey,” said Mr. Scheinerman. “The sales resulted in a record per unit price of more than $180,000.”
The property located at 403 Prospect Avenue and 333 Passaic Street consist of 38 one-bedroom units in two adjacent, three-story buildings with parking. The property, built in 1970, is centrally located on Prospect Avenue and has on-site laundry facilities and hardwood floors.
Riverside Terrace is a three-story building built in 1962 and consists of 24 residential units located at 114-138 River Road in Bogota. The building was recently converted to gas heat and has a new boiler. There is on-site parking and on-site laundry facilities. Unit features include full kitchens and hardwood floors.
Queen Anne Apartments is a three-story building with 25 residential units built in 1985. The property is located at 230 Polifly Road and includes a parking lot. Like the other properties, the units also include hardwood floors and on-site laundry facilities.
All of the properties were fully occupied at the time of closing. Financing for each purchase was provided by Oritani Bank. For legal representation, Richard Kahn of Winne Banta Basralian & Kahn, P.C. represented the seller in each transaction. Kevin Kelly of Kelly, Kelly, Marotta & Tuchman, LLC represented the purchaser of the property located on Prospect Avenue and Passaic Street and Joseph Maccarone of Maccarone Law represented the purchaser of Queen Anne Apartments.
Mr. Scheinerman joined Kislak in 2011 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. He 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 113th year, Kislak was among a select group of firms recognized as a 2018 Power Broker by CoStar Group, Inc. and this was the firm’s thirteenth consecutive recognition.