Sales Associate Gregory Koenig & V.P. Michael Salomon Handle Exclusive Sale of 66 Units in Rockland County
Woodbridge, N.J., February 9, 2022 – The Kislak Company, Inc. announced the recent sale of Raymond Castle Apartments, a 66-unit multifamily property at 500 East Funston Avenue in Spring Valley, Rockland County, New York, for $8,425,000.
Kislak marketed the property on an exclusive basis with sales associate Gregory Koenig handling the assignment on behalf of the seller, Funston Properties, LLC. Vice president Michael Salomon represented the purchaser, which was not disclosed. The sale marked the beginning of an I.R.C. Section 1031 exchange for the seller, which will be completed later this year.
Mr. Koenig commented on the sale: “This is another example of longtime multifamily owner taking advantage of a robust sellers’ market. This deal was the first transaction in a $25 million 1031 exchange that will allow the sellers to increase cash flows and the new owner to take control of a pristine multifamily property – a true win-win for both parties.”
Built in 1970 on 1.85 acres of land, the property consists of two adjacent, three-story, brick buildings with 23 one-bedroom and 43 two-bedroom apartments, one-third of which were fully renovated in 2012. With private entrances for each unit, the buildings feature balconies for second and third floor units; a laundry room in each building; and 114 parking spaces in a recently paved, onsite lot.
Spring Valley, a mid-sized village, affords the property, centrally located within walking distance of a small yet vibrant commercial district within a larger, surrounding demographic area consisting mainly of millennials, convenient access via commuter rail to New York City just 20 miles away and five miles from the New Jersey border.
Mr. Salomon highlighted the current market trend: “This deal exemplifies the unprecedented appetite for multifamily properties in all areas of the country. We are forecasting that strong prices and demand will continue well into 2022.”
Mr. Koenig joined Kislak in 2020 and specializes in the sale of investment properties in the lower Hudson Valley and was awarded the company’s Rising Star Award in 2021.
Mr. Salomon 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 $70 million.