V.P. Julia Gralla and E.V.P. Joni Sweetwood Arrange Off-Market Sale of 70 Units
Woodbridge, N.J., December 20, 2021 – The Kislak Company, Inc. announced the recent off-market sale of Stony Brook Gardens, a multifamily property with 70 units located 643-715 East Front Street, Plainfield, Union County, New Jersey, for $17,500,000.
Executive vice president Joni Sweetwood and vice president Julie Gralla represented both parties, longstanding Kislak clients.
“The sale, at a record-setting $250,000 per unit for older construction, low cap rate and incredibly strong terms are a testimony to the strength of the market and our close, long-term client relationships. It was the perfect match for both buyer and seller,” Ms. Gralla remarked.
Stony Brook Gardens is a two-story, garden apartment complex with on-site parking built in 1961. With over $500,000 of capital improvements completed on the property prior to the sale, no due diligence or financing contingency were required at signing of the non-contingent contract.
Located within one and a half miles of banks, restaurants, shops and supermarkets, the property is only a mile from two commuter rail stations with a few parks and recreational facilities a few miles away. Routes 22 and 78 are easily accessed within minutes from the property as well.
Ms. Gralla joined Kislak in 2010 and specializes in the sale of investment properties throughout northern New Jersey. After her first year with Kislak, she received the company’s Rookie of the Year award, which recognizes a newer salesperson who records the greatest achievements during the year. In 2020, Ms. Gralla also received the company’s silver achievement award, previously earning the bronze achievement award in 2016 and 2017, for transaction success.
Ms. Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. She has won numerous awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010, the company’s production award in 2010, 2011, 2012 2013, 2018, and is consistently a top producer earning gold or platinum achievement annually. She has also been recognized repeatedly as one of New Jersey’s Commercial Broker All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business.
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, Delaware, and Florida through an affiliate.
Now in its 115th year, Kislak was among a select group of firms recognized as a 2020 Power Broker by CoStar Group, Inc. and this was the firm’s 15th consecutive recognition.