Kislak Completes $7.9 Million Bergen & Hudson County, NJ Sales

June 30, 2011 - PRLog -- The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, recently completed four multifamily sales in Bergen and Hudson County, New Jersey totaling $7,925,000.  In separate transactions, a 36-unit property in Bergenfield with three commercial spaces, a house, and cellular telephone tower sold for $3,700,000; a 24-unit property with four retail spaces in Hackensack sold for $2,650,000; a 6-unit property in Union City sold for $955,000; and a 9-unit property in Union City sold for $620,000.

“Bergen County continues to be one of the strongest and most desirable markets, especially for multifamily properties,” said vice president Don Baxter.  “Properties in both Bergenfield and Hackensack don’t often trade.  But given Kislak’s long and successful history throughout New Jersey, the sellers and our buyers were confident in our ability to facilitate sales.”

The Bergenfield sale was of properties on Murray Hill Terrace and East Clinton Avenue that included a total of 36 residential and three commercial units.  The sale also included a single family home and cellular telephone tower.  Baxter represented both parties in the transaction.

The Murray Hill Terrace property is a well-maintained three-story brick and stucco walk-up with a mix of one and two-bedroom units with on-site parking.  The East Clinton Avenue property is also a brick and stucco three-story walk-up with ground-floor retail space and mix of one and two bedroom units.  

“The Bergenfield seller’s family was the original builder of the properties, which had never been on the market,” added Baxter.  Given a shift in the family’s investment strategy, they considered selling.  Kislak had a client looking for similar quality multifamily properties in the area and acted immediately upon learning of the properties’ availability.  In a matter of days, we made an off-market transaction.  Both parties were gentlemen throughout the transaction and worked together toward a common goal.”

The seller was represented by Bruce Rosenberg, Esq. of Winne Banta Hetherington Basralian & Kahn, P.C. of Hackensack.  The purchaser was represented by Jonathan Mehl, Esq. of Rutherford.  Financing was arranged by Steven Tessler of Meridian Capital and Michael Strauss of North Jersey Community Bank.  At the time of closing, the properties were approximately 98% occupied.

The Hackensack sale was of a property on Anderson Street that included 24 residential and four commercial units.  Sales associate Andrew Scheinerman represented the seller and Baxter represented the purchaser.  After not selling the property with two other brokers, Kislak was given an exclusive listing agreement by the long-time owner to sell the property and quickly procured a purchaser.    

The property is an all-brick four-story walk-up in an excellent corner location among many other commercial and residential properties.

The seller was represented by William Messineo, Esq. of Garfield and the purchaser was represented by Jonathan Mehl, Esq. of Rutherford.  Financing was also arranged by Steven Tessler of Meridian Capital and Michael Strauss of North Jersey Community Bank.  At the time of closing, the properties were fully occupied.

The Union City sales were of two smaller properties – a new six-unit condo-quality building with garages and on-site parking on 8th Street and  a nine-unit building on 28th street.  Baxter and vice president Jonathan Greenberg represented both parties in each transaction.  

“Although the buildings are very different, both are fully occupied within one of the most sought after multifamily markets in New Jersey,” added Baxter.  “This market attracts investors since Hudson County’s unique rent control ordinances provide almost guaranteed returns that continue to increase.  Hudson County is an unusual area with below-market rents.  As tenancies change, rents increase.”

Union City with an area of approximately 1.3 miles is the most densely-populated city in the United States, and its density is twice as high as that of New York City.

“Don, Jon and Andrew did an excellent job closing these transactions,” said Robert Holland, senior vice president and co-managing director.  “The market for multifamily investment properties remains very strong throughout the tri-state area, and Kislak continues to be successful listing and selling properties.”  

Baxter joined Kislak in 2006 and was recognized as Kislak’s 2009 and 2008 Salesperson of the Year and also received the company’s Rookie of the Year award in 2007.  Greenberg joined Kislak in 1999 and is consistently among the company’s leading producers.  He was recognized as Kislak’s 2009 and 2008 Producer of the Year and also received the company’s Salesperson of the Year award in 2006 and 2007.  Scheinerman joined Kislak in 2009 and is one of the company’s most promising salespeople.

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The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is recognized as the dominant investment sales company serving the multifamily and retail markets. Established in 1906, Kislak’s market leadership position and longevity is 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 25 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.

Now in its 105th year, Kislak was among a select group of firms recognized as a 2010 Power Broker by CoStar Group, Inc. for multifamily sales transactions.