S.V.P. Joni Sweetwood Facilitates Transaction for Buyer and Seller
Woodbridge, N.J., June 8, 2018 – The Kislak Company, Inc. announced the $5,300,000 sale of a 35-unit apartment building at 533 East 2nd Avenue in Roselle, New Jersey.
Senior Vice President, Joni Sweetwood, represented the seller, Teleflora Realty Group, LLC — a long-time Kislak client – as well as the buyer, Goldcrest Properties, a new client.
Ms. Sweetwood commented: “Buyers are attracted to new construction and gut-renovated properties when there is a PILOT program in place, and this property had a 30-year PILOT program in place already.”
In New Jersey, Tax Abatement Programs provide for Payments in Lieu of Taxes or “PILOTs” to help with community growth and progress in areas most in need of redevelopment or rehabilitation, attracting commercial, residential or industrial development more easily to such areas. Under such programs, municipalities are authorized to grant developers exemptions from traditional property taxes for a set period of time to encourage property improvements or to locate a project in a distressed area.
Instead of property taxes, developers make annual PILOT payments to municipalities which benefit both the municipality and the developer alike: the payments are structured so that the municipality receives more benefit than from typical property taxes; and since the PILOT payment is much less than typical property taxes, the developer gains an increase in the fair market value of the property as a result of a higher net operating income.
The Roselle property is located on the border of Elizabeth, New Jersey’s fourth largest municipality; near shipping and Warinanco Park, an expansive, green space offering lake activities, an ice-skating rink and multiple playing fields and trails. The property is a four and one-half story brick, elevator building consisting of 32 one-bedroom and 3 two-bedroom renovated units.
“With 28 years remaining on the tax PILOT program at a $15,000 fixed, annual rate payment, the buyer will continue to maintain the property in pristine condition and increase rents,” said
Ms. Sweetwood in closing remarks.
Arnold Budin was the buyer’s attorney and Chaim Dahan represented the seller with Meridian Capital Group utilizing Arbor as provider of agency financing.
Ms. 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 and 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 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 112th year, Kislak was among a select group of firms recognized as a 2017 Power Broker by CoStar Group, Inc. and this was the firm’s twelfth consecutive recognition.
For more information about The Kislak Company, Inc., please contact Jason Pucci, Chief Operating Officer, at (732) 750-3000 or firstname.lastname@example.org