V.P. Tom Scatuorchio & S.V.P. Andrew Scheinerman Arrange Exclusive Sale of 95-Unit Multifamily Property in Essex County
Woodbridge, N.J., November 13, 2023 – The Kislak Company, Inc. announced the recent sale of Brighton Estates, a 95-unit multifamily property at 1 and 13-53 Brighton Avenue in Belleville, Essex County, New Jersey, for $11,800,000.
Kislak marketed the property on an exclusive basis on behalf of the longtime owner, Brighton Estates, Inc., with vice president Tom Scatuorchio managing the assignment. Senior vice president Andrew Scheinerman procured the purchaser, MC Brighton, LLC, an affiliate of a longtime client.
The sale is the largest multifamily sale in Essex County, New Jersey in over a year according to data available from CoStar.
Built in 1962, Brighton Estates consists of three two-story brick garden apartment buildings on 1.19 landscaped acres. The property includes 95 large and well-maintained units – 13 studios, 66 one-bedroom apartments and 16 two-bedroom apartments. Recent improvements include all new windows and pitched roofs within the last 10 years. Amenities include on-site parking with a designated spot for each unit and laundry facilities.
Mr. Scatuorchio commented, “Given the size, location and tremendous upside potential of the property given its below market rents, our marketing efforts resulted in a dozen offers. However, the sale also coincided with the sharp rise in interest rates throughout 2023, which added a layer of complexity to the transaction. The closing is a testament to the strong rental market in Belleville and purchaser’s strength and perseverance.”
Mr. Scheinerman added, “We have closed more than two dozen transactions with the purchaser and this property will be an ideal addition to their portfolio given its size, location and significant upside potential. Belleville and the surrounding areas are strong rental markets and it is rare that a property of this size becomes available.”
Belleville is a township in northeastern Essex County approximately 17 miles from New York City. The property is located in a residential neighborhood within walking distance of Clara Maas Medical Center, less than a mile from the Silver Lake light rail station, which provides commuter service to downtown Newark, and one mile from the Garden State Parkway.
Financing was arranged by Christopher Carola of Lakeland Bank and provided by Lakeland Bank. The seller’s attorneys were Genesis Stokes and Perry Florio of Waters, McPherson, McNeill, P.C. and the purchaser’s attorney was Scott Herzog of the Law Offices of Scott Herzog, LLC.
Tom Scatuorchio joined Kislak in 2016 and specializes in the sale of multifamily and other investment properties in northern New Jersey. In 2017, he earned Kislak’s Rising Star award and in 2021, he was promoted to a vice president.
Andrew Scheinerman joined Kislak in 2011 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. He received Kislak’s 2011 Rookie of the Year award and was promoted to a vice president in 2017 and a senior vice president in 2022. Over the last year, his multifamily sales total more than $150 million.
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 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 16th consecutive recognition.