S.V.P. Scott Davidovic & V.P Michael Kossak Arrange Off-Market Sale
Woodbridge, N.J., October 19, 2021 – The Kislak Company, Inc. announced the recent off-market sale of a five-building multifamily portfolio with 65 units and one retail space in Kearny, Hudson County, New Jersey for $10,915,000. The buildings are located at 111 and 117 Belgrove Drive, 12 Grant Avenue, 160 Stuyvesant Avenue, and 9 Maple Street.
Senior vice president Scott Davidovic and vice president Michael Kossak represented both parties in the transaction, drawing on their longtime relationships to complete the sale.
Mr. Davidovic commented, “This sale, handled completely off market in competition with other brokers, shows the strength of our clients who are consistently paying top dollar and are strong closers. The purchaser completed his due diligence pre-contract with minimal contingencies, which we encourage when appropriate, demonstrating professionalism not only to be awarded a deal but to close as well.”
Mr. Kossak added, “These are the exact types of properties clients are aggressively looking to purchase, and the area is drawing new renters who may need to commute to New York City as nearby public transportation is easily accessible. Several new residential developments have also been completed or are underway in the area.”
The Belgrove Drive properties are two 20-unit brick buildings. The Grant Avenue property is a 16-unit brick building. The Stuyvesant property is a mixed-use building with five residential units and one retail space. The Maple Street property consists of four large one- and two-bedroom units with full kitchens.
Three of the properties are within walking distance of each other and less than a mile from the PATH and Newark-Broad Street New Jersey Transit. The price per unit was $165,379, offering significant upside potential to the purchaser who already implemented his management company’s systems and will renovate any vacant apartments to increase rents to market price.
The portfolio’s Kearny neighborhood is in the midst of a dramatic shift from warehousing and industrial properties to major mixed-use redevelopments. Many older buildings are being renovated or replaced with multifamily properties situated among a variety of national and local retailers. Kearny is trending to join the Gold Coast with neighbors Jersey City, Hoboken, Harrison, Weehawken and Guttenberg and Edgewater.
Scott Davidovic joined Kislak in 2006 and specializes in the sale of multifamily properties with a focus on land and development throughout northern New Jersey. After his first year with Kislak, he received the firm’s Rookie of the Year award, and he also received the firm’s Sima Kislak Jelin Salesperson of the Year award in 2014. Mr. Davidovic’s investment sales total more than $300 million.
Michael Kossak joined the firm in 2016 and specializes in the sale of investment properties in northern New Jersey.
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 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware, and Florida through an affiliate.
Now in its 115th year, Kislak was among a select group of firms recognized as a 2020 Power Broker by CoStar Group, Inc. and this was the firm’s 15th consecutive recognition.