V.P. Julie Gralla Arranges Exclusive Sale of Three Buildings
Woodbridge, N.J., December 15, 2022 – The Kislak Company, Inc. announced the recent sale of a multifamily portfolio in Newark and East Newark, New Jersey for $3,150,000 that includes the following properties: an 8-unit building at 96 Jackson Street in Newark, a 6-unit building at 65 Lang Street in Newark and 6-unit building at 442 John Street in East Newark.
Kislak marketed the portfolio on an exclusive basis with vice president Julie Gralla handling the assignment on behalf of the sellers, Jackson Street, LLC, FKJ Realty Holdings, LLC and 442 John Street, LLC. She also procured the purchaser, MFP Realty.
Ms. Gralla commented, “This was a challenging deal from the start primarily because of the rising interest rates, and the final contract was the third one on the portfolio. Fortunately, we overcame the challenges and secured a purchaser at an aggressive cap rate. We connected them with a bank that had a small pool of financing available at a relatively attractive interest rate and closed.”
The portfolio consists of three buildings – a brick, four-story with eight one-bedroom units on Jackson Street; a brick and vinyl-sided three-story with six two-bedroom units on Lang Street; and a vinyl-sided, three-story with three two-bedroom units and three three-bedroom units on John Street.
The Jackson Street property is centrally located near the corner of Ferry Street and only a 10-minute walk from Newark Penn Station. The Lang Street property is a 10-minute walk from the Jackson Street location. The John Street property in East Newark is within minutes of Route 21/McCarter Highway and a 15-minute walk to the Newark Broad Street train station.
Ms. Gralla joined Kislak in 2010 and specializes in the sale of investment properties throughout northern New Jersey. After her first year with Kislak, she received the firm’s Rookie of the Year award. In 2020 and 2021, Ms. Gralla also received the firm’s silver achievement award, previously earning the bronze achievement award in 2016 and 2017, for her transaction success. She was also recognized in the Mid Atlantic Real Estate Journal’s Executive Women in Business and 40 Under 40 spotlight issues.
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 116th year, Kislak was among a select group of firms recognized as a 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th 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.