Kislak Completes $9,300,000 Sale of 82 Units in Passaic County, NJ

Sept. 28, 2011 - PRLog -- The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the sale of two multifamily properties in Passaic County, New Jersey.  The sales include a 68-unit property in Pompton Lakes for $7,900,000 and a 14-unit property in Clifton for $1,400,000.  Vice president Robert Squires represented both parties, private investors, in each transaction.  

“The market for multifamily properties, especially in northern New Jersey, remains very strong,” said Robert Holland, senior vice president and co-managing director.  “These are strong properties that rarely trade in very good locations.”

“Quality multifamily properties are in such high demand and the supply is limited,” said Squires.  “They remain extremely desirable investments.  When the owners engaged Kislak they were aware of our long history of success and were confident that we would optimize their properties’ value.”

The Pompton Lakes property consists of a 68-unit garden apartment complex on over four and a half acres located off of Route 287.  All of the units are large one-bedroom apartments with open kitchens, balconies and individual HVAC units.  Constructed in the mid-1970s, it had been family owned and managed for over 35 years.  The tenants are responsible for heat, hot water and electricity usage.  “This property was even more attractive since the tenants are responsible for their utility costs and Pompton Lakes does not have any rent control,” added Squires.

The seller was represented by Brian Fahey, Esq. of Bedminster, New Jersey and the purchaser was represented by Andrew Niadeck, Esq. of Nutley, New Jersey.  Financing was arranged by Brian Greenfield of M. Tuck Capital Associates.  At the time of closing, the property was 100% occupied.

“The loan closed in a short 40 days,” added Squires.”  “Given some of the challenges with financing today, this was one of the fastest loan closings that I have experienced.”

The Clifton property contains 14 one-bedroom apartments and 10 garages with additional parking in a newly paved lot.  It is located in a quiet established residential section of Clifton close to the Garden State Parkway and Route 46.  Constructed in the mid-1970s, tenants are responsible for heat and electric.

The seller provided the purchaser with a purchase money mortgage.  The purchaser was represented by Frank Cozzarelli, Jr. of Belleville, New Jersey.  At the time of closing, the property was 100% occupied.


Robert Squires was recognized as Kislak’s 2005 Rookie of the Year, was promoted to vice president in 2008 and is consistently one of the firm’s leading salespeople.

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 throughout the northern New Jersey market.

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Established in 1906, The Kislak Comapny, Inc. is the dominant investment sales company serving the multifamily and retail markets throughout New Jersey, eastern Pennsylvania, southern New York and Delaware.