S.V.P. Daniel Lanni Arranges Exclusive Sale of Mixed-Use Property in Middlesex County

Woodbridge, N.J., January 23, 2025 – The Kislak Company, Inc. announced the recent sale of a mixed-use property known as the Remington Rooming House at 377 Smith Street in Perth Amboy, Middlesex County, New Jersey, for $2,400,000.

Kislak marketed the property on an exclusive basis with senior vice president Daniel Lanni handling the assignment, and he also procured the purchaser, the Perth Amboy YMCA.

Mr. Lanni commented, “I am proud to have facilitated the sale of this unique property, which highlights the vibrancy of the Perth Amboy real estate market and the interest in rooming houses as a viable, affordable housing option. The seller and purchaser YMCA were a pleasure to deal with. The sale price equated to a 6.6% cap rate, and Ocean First Bank was prompt and efficient with their handling of the financing.”

Built in 1910, the mostly renovated, three-story, brick building consists of 40 units with a retail store at ground level. The units consist of private bedrooms (some with private bathrooms) furnished with a twin-sized bed and a refrigerator. The building’s interior and exterior are equipped with security cameras that run 24/7. With a rooming house license, the property is operated in accordance with the Housing for Older Persons provisions of the Fair Housing Act.

A corner location in a safe, quiet neighborhood, the property is walking distance from the NJ Transit Train system and all major bus lines, as well as downtown Perth Amboy.

Ocean First Bank arranged financing.

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. Mr. Lanni was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a senior vice president in 2019. He has also been recognized by the Mid Atlantic Real Estate Journal as one of its 40 Under 40 in commercial real estate.

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 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware, and Florida.

Now in its 119th year, Kislak was among a select group of firms recognized as a 2023 Power Broker by CoStar Group, Inc. and this was the firm’s 17th consecutive recognition.