S.V.P. Don Baxter Handles Exclusive Sale of 66 Units in Three Buildings in Union City, West New York & Jersey City
Woodbridge, N.J., September 28, 2023 – The Kislak Company, Inc. announced the recent sale of a three-building multifamily portfolio in Hudson County, New Jersey, for a total of $11,100,000. The sales included the following.
– 1300 – 1306 Palisade Avenue, Union City with 44 units for $6,150,000;
– 6112 – 6114 Palisade Avenue, West New York with 16 units for $3,850,000; and
– 128 St. Pauls Avenue, Jersey City with 6 units for $1,100,000.
Kislak marketed the properties on an exclusive basis with senior vice president Don Baxter handling the assignment on behalf of the sellers per a referral from Danny Handweiler, a senior managing director with Raven Property Advisors in New York City. Mr. Baxter also procured the purchasers – one for the Union City and West New York properties and another for the Jersey City property. The parties were not disclosed.
Mr. Baxter commented, “Despite rising interest rates, demand for multifamily properties in Hudson County remains very strong especially for properties with upside potential. The Jersey City building is prime for renovation and rental growth. The Union City and West New York buildings are on a main thoroughfare in Hudson County, and the Union City building was particularly attractive given its 40-plus unit size. The West New York building was built in 2010 and also includes below market rents.”
All of the buildings are in excellent and thriving locations with strong rental demand close to mass transit. The Union City building includes 44 units – three one-bedrooms and 41 two-bedrooms. The West New York building includes 16 units – one studio, nine one-bedrooms and six two-bedrooms. The Jersey City building includes six one-bedroom units.
Mr. Baxter added, “As with all of our recent sales, financing was key. Today’s market requires a collaborative team effort. The mortgage broker Elliot Treitel of Meridian Capital, our mutual clients, the purchasers, the attorneys and the referral broker Danny Handweiler worked tirelessly to close these sales.”
Don Baxter joined Kislak in 2006 and specializes in the sale of multifamily and other investment properties throughout New Jersey with emphasis on Hudson County where he is among the area’s top producers. In 2007, he received Kislak’s Rookie of the Year Award, and in 2008 and 2009, he received the company’s Sima Kislak Jelin Salesperson of the Year Award.
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, 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. For the second consecutive year, Kislak was named by NJBIZ as one of its Leaders in Real Estate, Construction and Design in New Jersey.