V.P. Tom Scatuorchio Leads Sale of 9 Buildings with 52 Units
WOODBRIDGE, N.J., January 19, 2022 – The Kislak Company, Inc. announced the recent sale of a nine-building multifamily portfolio in northern New Jersey for $6,826,500. The properties are located throughout Hudson, Union, and Middlesex Counties and some included a mixed-use component.
Kislak marketed the properties on an exclusive basis with vice president Tom Scatuorchio handling the assignment. He co-listed the Bayonne properties with vice president Davis Briones, and they represented the purchasers of the Bayonne properties. Mr. Scatuorchio also represented the purchasers of the other properties. The sales occurred between August 2021 and January 2022 and include the:
- $1,175,000 sale of 1086, 1088 and 1090 Avenue C in Bayonne with six residential units and three commercial spaces;
- $950,000,000 sale of 1055 Avenue C in Bayonne with six residential units and two commercial spaces;
- $757,500 sale of 90 West 20th Street in Bayonne with five residential units;
- $600,000 sale of 48 West 54th Street in Bayonne with four residential units;
- $600,000 sale of 418 Avenue C in Bayonne with three residential units and one commercial space;
- $1,045,000 sale of 1041 Louisa Street in Elizabeth with four residential units and four commercial spaces;
- $800,000 sale of 217-219 Hillside Street in Hillside with eight residential units;
- $400,000 sale of 476 Bloy Street in Hillside with one residential unit and one commercial space; and the
- $499,000 sale of 499 Amboy Avenue in Perth Amboy with three residential units and one commercial space.
Mr. Scatuorchio commented on the sale of the portfolio, “It has been exciting to represent our valued clients on this project. The sellers purchased the properties as part of a larger bank-owned portfolio just over a year ago. The portfolio included numerous distressed properties across many New Jersey markets. Given the nature of the initial portfolio acquisition, each deal presented its own unique complexities for marketing and sale. However, we quickly identified the right buyers for each property and generated multiple strong offers on all of them, and some of our marketing efforts resulted in bidding wars. These transactions exemplify the continued and increasing demand for investment real estate throughout New Jersey.”
Regarding the Bayonne sales, Mr. Briones added, “This was a complex portfolio sale with multiple buyers, and I congratulate everyone involved. The Bayonne real estate market continues to strengthen as investors search for value-add properties and development projects. The Bayonne market is among New Jersey’s most dynamic, with Class A, B and C occupancy rates near 100 percent and rents more than doubling over the past six years.
Tom Scatuorchio joined Kislak in 2016 and specializes in the sale of multifamily and other investment properties in northern New Jersey. In 2017, he earned Kislak’s Rising Star award and in 2021, he was promoted to a vice president.
Davis Briones joined Kislak in 2014 and also specializes in the sale of multifamily and other investment properties in northern New Jersey. He received the firm’s 2016 Rising Star award and was later promoted to a vice president.