180 Residential Units & Development Sites Trade in Northern and Central N.J.
Woodbridge, N.J., March 3, 2021 – The Kislak Company, Inc. announced the recent sale in northern and central New Jersey of the following multifamily properties and development sites:
- over 130 units in Somerset County for $35,000,000;
- a 1.39-acre development site at 1000 North Avenue in North Plainfield for $5,250,000;
- 15 units at 532-538 East Front Street in Plainfield for $2,955,000;
- a 1-acre unapproved development site at 100-112 Main Street in Orange for $2,900,000;
- 16 units at 408-410 North 5th Street in Newark for $1,200,000;
- 8 Units at 96 Eaton Place in East Orange for $1,100,000; and
- 8 units at 82-88 Watchung Avenue in North Plainfield for $800,000;
Kislak marketed all of the properties on an exclusive basis with Vice President Julie Gralla handling the first five assignments and Executive Vice President Joni Sweetwood handling the last two. Ms. Gralla also procured each purchaser.
“The market for existing multifamily properties and multifamily development sites remains extremely strong in New Jersey, particularly in the northern and central parts of the state,” said Ms. Gralla. “The Somerset County sale is an excellent example. Despite being marketed quietly to a small group of qualified purchasers, we generated offers for the seller that were several million dollars higher than the direct offers he received prior to our engagement. This demonstrates the benefits of a transaction being professionally marketed pursuant to an exclusive listing. Additionally, the seller, who was the original developer of the property, appreciated our honest underwriting, which was based on realistic, yet aggressive expectations.”
As to the record high price of $197,000 per unit for the property on East Front Street in Plainfield, Ms. Gralla explained: “This also demonstrates the continued strength of the multifamily market as well as our long-term relationships with aggressive purchasers.”
Regarding the Newark sale, Ms. Gralla noted, “This was the first time the Newark property had been for sale in 50 years. The seller trusted that I would make this a seamless and easy process for him while also producing the most aggressive price. Despite Newark’s strict rent control, I received a full-price offer at a low cap rate.”
Located in a transit-dense area, the 1-acre parcel at 100-112 Main Street is situated at the heart of a prime re-development zone in Orange and will be a part of a 300-unit development. The 1.39-acre parcel of land at 1000 North Avenue in Plainfield is approved for the development of 120 residential units and is located directly next to the Netherwood Train Station as well as nearby to affluent towns such as Scotch Plains and Fanwood.
“I love working on development deals such as those in Orange and Plainfield. They are a great opportunity to contribute to the ongoing transformation of the applicable towns and to work with long-term clients who have proven to be savvy development buyers. Both the buyer and seller were able to overcome the usual challenges faced during the approval process but also the extraordinary challenges of the pandemic. Despite these challenges, the owners of 1000 North Avenue just celebrated their ground-breaking in the beginning of 2021,” Ms. Gralla concluded.
Ms. Gralla joined Kislak in 2011 and specializes in the sale of multifamily and other investment properties in northern and central New Jersey. In 2012, she won the firm’s Rookie of the Year award, and has also been recognized repeatedly as one of Mid Atlantic Real Estate Journal’s Executive Women in Business and in their 40 Under 40 Spotlight in 2020. She was promoted to vice president in 2019.
Joni Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. She has won numerous sales awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the firm’s production award multiple times since then, most recently in 2018. She has been recognized repeatedly as one of New Jersey’s Commercial Brokerage 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, and Delaware.
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.