S.V.P. Daniel Lanni Handles Exclusive Sale for Original Builder
Woodbridge, N.J., January 25, 2022 – The Kislak Company, Inc. announced the recent sale of a 23-unit multifamily property at 360 Washington Avenue in Belleville, Essex County, New Jersey for $3,125,000.
Kislak marketed the property on an exclusive basis with senior vice president Daniel Lanni handling the assignment on behalf of the seller, Rancan Real Estate Associates, LLC, which built the property. Mr. Lanni also represented the purchaser, NMR Group, LLC.
Mr. Lanni commented, “After 45 years of ownership, the family wanted to take advantage of the strong sellers’ market and engaged Kislak to market and sell the property exclusively. Given our vast database of investors, we quickly procured multiple offers and closed $125,000 over the asking price with strong terms.”
A three-story, brick building housing 23 one-bedroom units at under market rents, the property underwent $200,000 of exterior and interior repairs and upgrades over the past two years. Outside renovations included a new roof; new front walkway; and asphalt repair of the parking lot. Inside, a recent heat conversion from oil to gas accompanied installment of new hot water heaters; a complete electrical upgrade throughout the building complemented all new lighting, while new carpeting and painting revitalized common areas. Several kitchen and bath upgrades boast granite countertops, new cabinetry, fixtures, and stainless-steel appliances; hardwood floors throughout; spacious closets; and large windows with an abundance of light.
Amenities include onsite laundry facilities, air-conditioning, off-street parking, and high security doors with intercom entry. Located in the business district, the apartments are situated within easy access of downtown restaurants, shopping, and public transportation. Near the Nutley border, Routes 21 and 3, the apartment building affords convenient proximity to New York City approximately 14 miles via car and New Jersey Transit via an 8-minute car ride.
Daniel Lanni joined Kislak in 2010 and is consistently among the firm’s leading producers. He specializes in the sale of multifamily and other investment properties in central New Jersey with a particular focus along the Jersey Shore. He was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a senior vice president in 2019.
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 116th year, Kislak was among a select group of firms recognized as a 2020 Power Broker by CoStar Group, Inc. and this was the firm’s 15th consecutive recognition.