S.V.P. Robert Squires and V.P. Michael Kossak Arrange Exclusive Sale
Woodbridge, N.J., March 24, 2022 – The Kislak Company, Inc. announced the recent sale of a 15-unit multifamily property with four retail spaces at 412-416 Bloomfield Avenue in Caldwell, Essex County, New Jersey, for $3,465,000.
Kislak marketed the property on an exclusive basis with senior vice president Robert Squires leading the assignment on behalf of the seller Jenn & Ann Caldwell Realty, LLC. Vice president Michael Kossak procured the purchaser, 412-416 Bloomfield Avenue, LLC.
Mr. Squires remarked: “There is a huge demand for well-maintained apartment buildings in northern New Jersey and these buildings, in a great rental market, offer a large upside in rents. It was such a pleasure to work on this transaction in which the owners engaged us to represent them in the sale of this beautiful, pre-war building. We demonstrated significant value by generating a dozen offers, with the sellers proceeding with the highest and best offer.”
Built in 1927, the 10,000-square-foot three-story brick building includes one studio, six one-bedroom units, two two-bedroom units, and four stores. Nine of the residential units have been fully renovated with new kitchens and bathrooms; the others with below market rents provide large financial upside. Other highlights include a new boiler and a video camera system.
Noting the seller is a repeat Kislak client, Mr. Kossak commented: “We demonstrated that our relationships with and knowledge of the active investors in our markets enabled us to pair the best buyer with the sellers. This is the second transaction that we completed for the seller. We recently sold another mixed-use building for them in Caldwell. It was also a pleasure representing the buyer who is a valued client.
The property is located on a high traffic commercial corridor with convenient access to bus lines and two commuter rails. The Upper Montclair and Little Falls lines are within five miles.
Robert 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.
Michael Kossak joined the firm in 2016 and specializes in the sale of investment properties in Essex County.
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.