S.V.P. Joseph Keenan Arranges Sale of Three Properties with 47 Residential Units and Six Retail Spaces
Woodbridge, N.J., May 21, 2020 — The Kislak Company, Inc. announced the recent sale of a three-property multifamily portfolio in Paterson, New Jersey for $6,286,000. The portfolio includes 257-261 Rosa Parks Boulevard, a 19-unit property with six retail spaces; 11-17 Governor Street with 15 units; and 324 Hamilton Avenue with 13 units.
Senior vice president Joseph Keenan marketed the properties on behalf of the seller, an existing client to whom he originally sold the properties. Mr. Keenan also represented the purchaser who, like the seller, is a New York-based investor.
Of the original sale, Mr. Keenan recounted: “I represented the seller in the acquisition of these properties approximately 18 months ago. The price negotiated at the time was quite below market value which allowed the seller to invest in the properties and then re-sell them for a handsome profit.”
The properties are walk-up buildings with mostly two-bedroom apartments in above average condition. The building on Rosa Parks Boulevard, consists of 19 residential units above six street level retail units.
All of the properties were fully occupied at the time of sale.
Located in the Wrigley Park section of Paterson, all of the properties are within close proximity to each other, and are within walking distance of bus and commuter rail transportation.
“The Paterson market has become very attractive to investors, both locally and beyond with its close proximity to New York City and extremely high population density,” added Mr. Keenan. “Both the seller and purchaser are New York-based with the purchaser expanding his footprint in the market and the seller in the process of exchanging into larger properties.”
Joseph Keenan joined Kislak in 2006 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. He received the firm’s Rookie of the Year award in 2008 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 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 114th year, Kislak was among a select group of firms recognized as a 2019 Power Broker by CoStar Group, Inc. and this was the firm’s 14th consecutive recognition.