V.P. Michael Salomon Arranges Exclusive Sale of 58 Units in Four Properties
Woodbridge, N.J., April 30, 2020 – The Kislak Company, Inc. announced the recent $7,900,000 sale of a portfolio of multifamily properties in Newark, Essex County, New Jersey. Sold for more $136,207 per unit, the Newark Portfolio includes 13 units at 969-971 18th Avenue, 20 units at 981-983 18th Avenue; 17 units at 611 Clinton Avenue; and six units with two retail spaces at 550 Springfield Avenue.
Kislak marketed the Newark Portfolio on an exclusive basis with vice president Michael Salomon handling the assignment. He also procured the purchaser. Mr. Salomon commented, “The demand for Newark multifamily properties remains strong and prices continue to rise.”
The Newark Portfolio, consisting of four, multi-storied, brick apartment buildings – 56 residential and 2 retail units in total and all within close proximity to each other – include renovations such as kitchens with stainless steel appliances, new cabinetry, countertops and flooring.
Nearby, within several miles of the properties, residents can access several parks, cultural centers and educational institutions including Branch Brook Park, Greenwood Gardens, Edison National Historic Site, Dreyfuss Planetarium, the University of Medicine and Dentistry of New Jersey, Seton Hall University and New Jersey Institute of Technology.
The neighborhoods of all four properties are very walkable within close proximity to strip shopping centers, banking, ample transit stations and commuter rail. Convenient access to the Garden State Parkway and I-78 is less than 2-3 miles away. New York City is approximately 12 miles away.
Michael Salomon is a rising star at Kislak. He joined the firm in 2013 and specializes in the sale of multifamily and other investment properties in northern New Jersey. Since joining Kislak, he has completed transactions valued at over $60 million.