Sales Associate Michael Salomon Orchestrates Sale
Woodbridge, N.J., February 27, 2019 — The Kislak Company, Inc. announced the recent sale of two multifamily properties with a total of 37 residential units in Newark, New Jersey for $2,460,000. The sale included a 21-unit property at 32 Dayton Street and a 16-unit property at 377 Clinton Place.
Kislak marketed the properties on an exclusive basis with sales associate Michael Salomon handling the assignment. Mr. Salomon also procured the purchaser. The parties’ names were not disclosed.
“This sale exemplifies the continued strength of the Newark multifamily market,” said Mr. Salomon. “The city’s renaissance continues and, as a result, multifamily investments remain strong,”
The properties sold at a cap rate of 7.1%.
The Dayton Street property is a four-story brick apartment building of recently renovated apartments across from Weequachic Park. The property houses 19 one-bedroom and 2 two- bedroom apartments with onsite laundry. The former owner had made several capital improvements to the building including new kitchens, windows, electrical panels, boiler and roof.
The Clinton Place property is a two-story brick apartment building with 12 one-bedroom, 3 two-bedroom, and 1 three-bedroom units, housed under a newly replaced roof. Both properties are ideally situated in a prime location in the Dayton neighborhood of the South Ward section of Newark, close to public transportation and Newark Liberty Airport.
Given the continued renaissance in Newark and its easy access to and from New York City, there is strong interest among multifamily investors in the city. There are many new developments with more planned and Newark was recently named the next tech hub with ‘one of the fastest urban data networks’ per GlobeSt.com. Large employers include Prudential, Panasonic, Audible and HelloFresh (with 450 more jobs planned).
Michael Salomon is a rising star at Kislak. He joined the firm in 2013 and specializes in the sale of multifamily and other investment properties in northern New Jersey. Since joining Kislak, he has completed transactions valued at $35 million.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm 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 35 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 2017 Power Broker by CoStar Group, Inc. and this was the firm’s twelfth consecutive recognition.