S.V.P. Daniel Lanni Arranges Exclusive Sale of 14 Units
Woodbridge, N.J., November 3, 2022 – The Kislak Company, Inc. announced the recent all-cash sale of a 14-unit multifamily property at 5 Charles Street in New Brunswick, Middlesex County, New Jersey, for $1,800,000.
Kislak marketed the property on an exclusive basis with senior vice president Daniel Lanni handing the assignment, and he also procured the purchaser. The parties were not disclosed.
Mr. Lanni commented, “This property is in a great location close to Rutgers University. The owner decided to sell after over 30 years of ownership and hired Kislak to market the property on an exclusive basis. We were able to quickly attract local and out-of-area investors and procured nine strong offers including an all-cash bid from the winning purchaser.”
The property included a value-add component with potential upside in rents, which made it attractive to the purchaser. The sale price represented a 5.7% cap rate.
Built in 1950, the three-story, brick, garden apartment building houses 14 one-bedroom units with updated kitchens and bathrooms and on-site laundry and parking. The property is located less than three miles from two stations of New Jersey Transit commuter rail along the Northeast Corridor Line and is within walking distance of banks, eateries, fitness centers, medical facilities and Rutgers University, all within a densely populated neighborhood.
Recreational activities nearby are abundant with five parks within 7.5 miles, including Rutgers Gardens, Giamarese Farm, and Johnson Park. Trenton-Mercer Airport and Newark Liberty International Airport are within a 45-minute drive from the property.
Daniel Lanni joined Kislak in 2010 and is consistently among the firm’s leading producers. He specializes in the sale of multifamily and other investment properties in central New Jersey with a particular focus along the Jersey Shore. He was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a senior vice president in 2019.
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 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. For the second consecutive year, Kislak was named by NJBIZ as one of its Leaders in Real Estate, Construction and Design in New Jersey.