V.P. Davis Briones Arranges Exclusive Sale of 13 New Luxury Units in Hudson County
Woodbridge, N.J., February 10, 2023 – The Kislak Company, Inc. announced the recent sale of a new luxury multifamily building with 13 units at 414 50th Street in West New York, Hudson County, New Jersey, for $5,210,000.
Kislak marketed the property on an exclusive basis on behalf of the seller, Palisades Plaza II, LLC with vice president Davis Briones handling the assignment, and he also procured the undisclosed purchaser. Kislak previously sold several properties to the seller, a developer working in northern and central New Jersey.
Mr. Briones commented, “This sale is an excellent example of the continued strong interest in new construction, cash-flowing properties from a diverse group of investors and capital sources, despite higher interest rates. Although cap rates for Class A multifamily properties have remained in the low five percent range, investors are investing in real estate for its intrinsic value and long-term capital appreciation.”
Built in 2019, the five-story, 19,522-square-foot building features 13 units and a ground level parking garage accessible by elevator with a space for each tenant. The building presents a contemporary look with sleek lines and bold, earthy colors. The property also has a five-year tax abatement expiring later in 2023.
With a footprint of approximately 1,000 square feet, each unit has a spacious kitchen with quartz countertops, hardwood cabinets, and stainless-steel appliances. Bathrooms feature porcelain tiles, stainless steel shower panels and faucets and modern vanities. Units also feature hardwood flooring throughout, large picture windows, heating systems and built-in AC wall units, along with in-unit washers and dryers. Building amenities include an intercom and security system.
The property is conveniently located between Bergenline Avenue and Palisade Avenue, one block from the Hudson-Bergen Light Rail’s Bergenline Avenue Station, which connects to the Port Imperial Ferry Station, and near near two commuter rail lines with access to Penn Station less. The property is also less than a 30-minute drive from Newark and LaGuardia Airports
At the time of sale, the building was 100% occupied. Although a turn-key investment, the purchaser has plans to add other amenities. Reflecting on the transaction as indicative of current market trends in the area, Briones further remarked: “New construction buildings in Hudson County are trading with capitalization rates ranging from 5.25 percent to 5.5. percent, most of them being financed with 60-65 percent loan-to-value with aggressive rate lock programs.”
Financing was provided by Spencer Bank.
Davis Briones joined Kislak in 2014 and after his first year received the firm’s prestigious Rookie of the Year Award, which recognizes a newer salesperson who records the greatest achievements during the year. Mr. Briones was promoted to a vice president in 2019 after his sales exceeded $100 million and in 2021 was recognized by the Mid-Atlantic Real Estate Journal in its 30 Under 30 Spotlight. In 2022, he was a part of the Kislak team that achieved over $1.2 billion in sales.
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 thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware and Florida.
Now in its 117th year, Kislak was among a select group of firms recognized as a 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition. For the second consecutive year, Kislak was named by NJBIZ as one of its Leaders in Real Estate, Construction and Design in New Jersey.