V.P. Julie Gralla Arranges Exclusive Sale in Essex County
Woodbridge, N.J., June 21, 2022 – The Kislak Company, Inc. announced the recent sale of two adjacent buildings with a total of 45 residential units at 404 – 408 and 410 – 414 Union Avenue in Irvington, Essex County, New Jersey, for $6,000,000.
Kislak marketed the property on an exclusive basis with vice president Julie Gralla handling the assignment, and she also procured the purchaser. The parties were not disclosed.
Ms. Gralla commented, “It was a pleasure representing both the seller, a repeat client, and the purchaser. Despite a failed deal earlier in the COVID-19 pandemic, I persevered with a firm belief in the potential of these buildings and given my relationship with the seller, which I value. I am thrilled we achieved the seller’s price, which is an aggressive price per unit for Irvington, but at a fair cap rate.”
The well-maintained and semi-renovated property, consisting of two adjacent, four-story, brick buildings, offered a great deal of upside potential with below market rents. The unit mix includes 4 studios, 35 one-bedroom units and 6 two-bedroom units.
Built in 1940, the buildings were recently installed with new electrical wiring and LED lighting as well as a new boiler. Located in the center of town, they are within walking distance of public transportation and all major highways.
Irvington is a township in Essex County with a population of more than 61,000 residents per the 2020 census. It 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. Irvington is approximately 16 miles west of Manhattan.
Julie 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, and Delaware.
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.