S.V.Ps. Jeff Squires and Barry Waisbrod Complete Exclusive Sale at Skyview Rahway
Woodbridge, N.J., October 13, 2020 – The Kislak Company, Inc. announced the recent $26,500,000 sale of 160 condominium units at Skyview Rahway located at 80 East Milton Avenue in Rahway, Union County, New Jersey.
Kislak marketed the condominiums on an exclusive basis with senior vice president Jeff Squires handling the assignment. Senior vice president Barry Waisbrod procured the purchaser.
“There was fierce demand from our clients who were looking to acquire a sizable rental property in the heart of Rahway,” said Mr. Squires. “With a bustling downtown, arts district, and increasingly strong rental market, Rahway has become one of the most sought-after cities in the state among investors.”
“The purchaser who is based in New York believes strongly in the central and northern New Jersey condo markets,” said Barry Waisbrod, senior vice president. “Skyview was particularly attractive to them given the property’s location, proximity to the train, design and excellent condition.”
Constructed in 2005 as a best-in-class luxury full-amenity building, the property was originally known as Skyview at Carriage City Plaza and also includes 20,000 square feet of commercial space and a hotel, which were not a part of the sale. Leading up to the Great Recession, some of the condominiums were sold individually but given the changing market conditions in the late 2000’s, the property went into foreclosure and the original developer lost the property to the lender who had been managing it since then.
“The seller was a New York City-based pension fund that originated the construction financing more than ten years ago,” added Mr. Squires. “After acquiring the foreclosed property, the lender halted condominium sales and rented the remaining unsold 160 units as apartments.”
Located in the heart of revitalized downtown Rahway across from the city train station, near major highways, many major employers and an abundance of commercial offerings, the property is located 23 miles southwest of lower Manhattan and only a 30-minute train ride to midtown Manhattan.
The sale included 45 one-bedroom units, 102 two-bedroom units and 13 penthouses. The individual units include full luxury amenities. The property includes concierge services, a rooftop terrace, a fitness center and secure covered parking
At the time of closing, the units were fully leased. The purchaser’s financing was provided by M&T Bank.
Mr. Squires joined Kislak in 2007 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. Consistently among Kislak’s leading salespeople, he received the firm’s 2008 Rookie of the Year award, 2012 Sima Kislak Jelin Salesperson of the Year award and 2014 and 2016 Producer of the Year award.
Mr. Waisbrod joined Kislak in 2001 and is also consistently among the firm’s leading salespeople. He specializes in the sale of investment properties in and around New Jersey. Mr. Waisbrod received the firm’s Sima Kislak Jelin Salesperson of the Year award in 2019, 2015 and 2013.
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 114th year, Kislak was among a select group of firms recognized as a 2019 Power Broker by CoStar Group, Inc. and this was the firm’s 14th consecutive recognition.