Woodbridge, N.J. – The Kislak Company, Inc. announced the recent $4.1 million sale of The Hilltopper, a 22-unit multifamily property located at 2-4 Hackensack Street in Wood Ridge, Bergen County, New Jersey.
Kislak marketed the property on an exclusive basis on behalf of the seller, High Hill LLC, which was the original builder of the property. Vice president Scheinerman represented the seller and procured the purchaser, KHQ Properties.
With such history in mind, Mr. Scheinerman commented: “The seller recognized after owning the property for 40 years that now was an ideal time to sell given rising rental prices in Bergen County and lending interest rates. With such high rents, the buyer recognized the hidden value still remaining in the units as increased income potential.”
Located on a quiet road off the busy thoroughfare of Route 17, the townhouse style complex built in 1976 consists of duplex units averaging 650-square-feet each with features including private balconies, wood-burning fireplaces, vaulted ceilings and hardwood flooring. The buildings containing 19 one-bedroom, 2 two-bedroom, and 1 three-bedroom apartments are all electric and have on-site parking. The Hilltopper once housed the New York Giants in the 1980s.
While there have been some renovations over recent years including the installation of new deck railings, a new roof at 2 Hackensack Street, upgraded aluminum stairs and new cabinets, the future KHQ holds for the property is to further upgrade and renovate the complex. Such value-added investment is further supported by the current trend in Wood Ridge rentals which have increased 13% compared to the same period last year.
Financing was provided by ConnectOne Bank. The seller was represented by Jonathan R. Mehl, Esq. and the purchaser was represented by John Profita, Esq.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage 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 30 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 111th year, Kislak was among a select group of firms recognized as a 2016 Power Broker by CoStar Group, Inc. and this was the firm’s eleventh consecutive recognition.