S.V.P. Robert Squires and S.V.P. Barry Waisbrod Partner in Exclusive Sale
Woodbridge, N.J., October 24, 2019 – The Kislak Company, Inc. announced the sale of 40 residential units in Palisades Park, Bergen County, New Jersey for $8,900,000. The properties are located at 55 and 57-61 Bergen Boulevard.
Kislak marketed the property on an exclusive basis with senior vice president Robert Squires handling the assignment. Senior vice president Barry Waisbrod procured the purchaser.
Mr. Squires commented: “The demand for ‘value add’ apartment buildings in Bergen County is very strong. This particular complex was unique in that over 60 percent of the apartments are very large two bedrooms units. We generated a tremendous amount of interest in the offering and were able to close at nearly $225,000 per unit.”
Situated in a residential neighborhood, the two-story, brick buildings house 16 one-bedroom apartments at 55 Bergen Boulevard, and 24 two-bedroom apartments at 57-61 Bergen Boulevard and include many capital improvements throughout with 10 units recently gut renovated. Both buildings have been very well-maintained. New air conditioning units, hardwood floors, and all new kitchens with stainless steel appliances were installed among other upgrades. On-site shared laundry and onsite and street parking are available.
Below market rents were in place at the time of the sale, presenting the potential of a very large upside in future revenue from the properties. Mr. Waisbrod spoke of that future: “The purchaser has been very active in the northern New Jersey market and plans to upgrade units and common areas, which will make the property very attractive to New York City commuters.”
The buildings are in a prime location, approximately five to six miles from New York City and accessible via nearby highways and bus routes 154 and 159. Small shops and restaurants dot the boulevard and national retailers are within approximately a 15 minute ride to The Shops at Riverside and Westfield Garden State Plaza shopping centers.
Mr. Squires joined Kislak in 2003 and specializes in the sale of multifamily and other investment properties throughout New Jersey. Consistently among the firm’s leading producers, he received Kislak’s 2017 and 2016 Sima Kislak Jelin Salesperson of the Year award and its 2017 Producer of the Year award. Also in 2017, Squires earned the historic distinction of becoming Kislak’s all-time leading salesperson in any calendar year in the firm’s then 111-year history.
Mr. Waisbrod joined Kislak in 2001 and is consistently among the firm’s leading salespeople. He specializes in the sale of investment properties in and around New Jersey. Mr. Waisbrod was the recipient of the firm’s 2013 and 2015 Sima Kislak Jelin Salesperson of the Year award.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage 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 2018 Power Broker by CoStar Group, Inc. and this was the firm’s thirteenth consecutive recognition.