Kislak Sales Team Handles Exclusive Sale of Bethlehem Silk Mill
Woodbridge, N.J., August 21, 2019 – The Kislak Company, Inc. announced the recent sale of Bethlehem Silk Mill, a luxury apartment building consisting of 61 units at 238 Goepp Street in Bethlehem, Pennsylvania, for $7,050,000.
Kislak marketed the property on an exclusive basis with president Robert Holland and vice president Justin Lupo handling the assignment. Vice president Matt Wolf represented the purchaser. Mr. Holland commented, “This is the second time Kislak sold this property. The seller benefited from the rent growth that’s occurring in the Lehigh Valley and was able to sell for considerably more than what they paid for it seven years ago.”
Built in 1886, the four-story, elevator apartment building was gut renovated in 2010 with additional improvements in 2015-2017 wherein upon completion all systems, windows, and interiors were replaced. A unique property in the downtown Bethlehem rental market, this one-of-a-kind building offers Manhattan-style, high end loft appeal in a prime location.
“Demand for multifamily properties in eastern Pennsylvania, especially in the Lehigh Valley, is considerably stronger ever,” said Mr. Lupo. “The purchaser came in with an extremely aggressive offer in an effort to move the property into contract and ultimately to closing. He owns another asset near the Silk Mill and is familiar with the market. The seller was pleased with our marketing efforts and the price achieved.”
A former silk mill, the building consists of 11 studios and 35 one-, 9 two-, 4 three-, and 2 four-bedroom apartments, all with spacious layouts and 10-20-foot ceilings, brick walls, and architectural beams throughout. Occupancy at the time of the sale was at 100%.
In-unit amenities include ample closet space, large windows, hardwood flooring, washers/dryers and stainless steel appliances including dishwashers. Ample on-site parking is available for all tenants and visitors.
The property is within walking distance from downtown Bethlehem and provides tenants with easy access to shopping, restaurants, entertainment and public transportation. Moravian College, Sands Casino and Hotel and St. Luke’s Hospital are a few of the major employers in Bethlehem, situated in the Lehigh Valley region of eastern Pennsylvania.
This region is the state’s third largest metropolitan area with rapid growth and in close proximity to New Jersey and New York City, conveniently accessed via nearby Routes 78 and 22, the Pennsylvania Turnpike and other major thoroughfares.
Below market rents currently in place at time of sale offered a value-add opportunity in valuation reviews of comparable properties. Holland acknowledged the team effort of his colleagues in the sale: “Matt Wolf and Justin Lupo are two of Kislak’s rising stars. They did an excellent job representing parties and assuring a smooth transaction and closing. Kislak recently closed on several other Lehigh Valley deals including 64 units in Allentown and 121 townhomes in Bethlehem.”
Mr. Holland joined Kislak in 1984, became President in 2012, and is one of the firm’s all-time leading sales producers. In addition to overseeing the company and managing a team of salespeople, he specializes in the sale of multifamily and other investment properties.
Mr. Lupo joined Kislak in 2014 and was recipient of the firm’s 2015 Rookie of the Year award and 2018 Sima Kislak Jelin Salesperson of the Year award. He specializes in the sale of multifamily and other investment properties in New Jersey and eastern Pennsylvania.
Mr. Wolf joined Kislak in 2017, following over a decade of success in the CRE industry focused on multifamily and other investment sales transactions in central and eastern Pennsylvania. He is a Certified Commercial Investment Member (CCIM) and also holds a Pennsylvania broker’s license.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage 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 and Delaware.
Now in its 113th year, Kislak was among a select group of firms recognized as a 2018 Power Broker by CoStar Group, Inc. and this was the firm’s thirteenth consecutive recognition.