E.V.P. Joni Sweetwood Arranges Exclusive of Seven Properties in Essex County
Woodbridge, N.J., September 5, 2023 – The Kislak Company, Inc. announced the recent sale of a seven-property multifamily portfolio with 184 residential units and six retail spaces in Irvington, Essex County, New Jersey. The properties are located at the following addresses.
- 26-28 Chester Avenue (11 units and 3 retail spaces)
- 38-40 Chester Avenue (21 units)
- 979-983 Clinton Avenue (31 units)
- 51-57 Linden Avenue (29 units)
- 780-786 Lyons Avenue (22 units and 3 retail spaces)
- 494 Stuyvesant Avenue (37 units)
- 2-10 Wagner Place (33 units)
Terms of the sale were not disclosed.
Kislak marketed the portfolio on an exclusive basis on behalf of the seller, a publicly traded Canadian company, with executive vice president Joni Sweetwood handling the assignment. Ms. Sweetwood also procured the purchaser, a longtime Kislak client for whom Ms. Sweetwood has handled many other sales.
Ms. Sweetwood commented, “This is a well-maintained portfolio in a strong northern New Jersey rental market with easy access to New York City. These factors and the potential upside in rents appealed to the purchaser. The sale is a testament to the continued strength of the market for multifamily properties in northern New Jersey, and although there were many complexities in the transaction, we knew we could get it closed together.”
The portfolio consists of seven buildings located within close proximity of each other. The residential units include a mix of studios and one-, two-, three- and four-bedroom units, many of which had some level of renovation. Other portfolio highlights include new boilers and hot water heaters, many replaced pipes and risers, and security cameras with a key fob entry system.
Founded in 1692, Irvington is a township in Essex County. As of the 2020 United States census, the township’s population was 61,176, an increase of 7,250 or 13.4% from the 2010 census count. Irvington is bordered by Maplewood to the west and Newark to the east, both in Essex County, and Hillside to the south and Union to the southwest, both in Union County. The township is approximately 19 miles west of Manhattan.
Joni Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. She has won numerous awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the company’s production award in 2010, 2011, 2012 2013, and 2018. She has also been recognized repeatedly as one of New Jersey’s Commercial Broker All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business. Her career investment sales total more than $1.3 billion.
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 thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware and Florida.
Now in its 117th year, Kislak was among a select group of firms recognized as a 2022 Power Broker by CoStar Group, Inc. and this was the firm’s 17th consecutive recognition. For the second consecutive year, Kislak was named by NJBIZ as one of its Leaders in Real Estate, Construction and Design in New Jersey.