Kislak Completes 9 Multifamily Sales & 3 Retail Leases

Aug. 30, 2010 - PRLog -- WOODBRIDGE, NJ, — The Kislak Company, Inc., the region’s dominant investment real estate sales firm, recently completed nine separate multifamily transactions throughout New Jersey.  The transactions included ten properties comprising a total of 217 units valued at $12,480,000.  Kislak also handled the leasing of three retail spaces in New Jersey and Pennsylvania.

“The Kislak sales team continues to close multifamily transactions in and around New Jersey at a strong pace and these transactions demonstrate the continued demand in the market,” said Jeffrey Wiener, president and co-managing director.  “We are experiencing a steady increase in demand among investors especially since last year.  We are working with both existing clients looking to increase their portfolios and new investors looking to assemble a portfolio.”

“The New Jersey multifamily market remains very strong for a number of reasons,” said Robert Holland, senior vice president and co-managing director.  “The market has always attracted investors given its population density, job market and proximity to New York City and Philadelphia.  Demand is also up because multifamily vacancy rates are low, interest rates are very low, and the stock market remains volatile.  And with a likely increase in the capital gains tax rate next year, more and more investors are getting out of other investments and into multifamily properties.”

Kislak’s sales occurred throughout New Jersey.  In the northern portion of the state, eight properties were sold in seven separate transactions.

•  Vice presidents Jonathan Greenberg and Don Baxter handled the $1,800,000 sale of 18 units on Hudson Avenue in West New York and the $800,000 sale of 12 Units on Ocean Avenue in Jersey City.
•  Senior vice president Joni Sweetwood and vice president Robert Squires handled the $1,350,000 sale of 25 units on Mount Prospect Avenue in Newark.  
•  Sweetwood also handled the $1,000,000 sale of 25 units on Prospect Street in East Orange and on behalf of a court-appointed receiver the $830,000 sale of two properties with 24 units on Elmwood Avenue and Halsted Street in East Orange.  
•  Squires also handled the $1,200,000 sale of 16 units on Paulison Avenue in Passaic.

In central New Jersey, two properties were sold in separate transactions.

•  Vice president Barry Waisbrod handled the $1,900,000 sale of 21 units on West Side Avenue in Perth Amboy.
•  Vice president Matt Weilheimer and sales associate Joseph Keenan handled the $700,000 sale of 22 units on Myrtle Avenue in Neptune.

In southern New Jersey, Sweetwood also handled the $2,900,000 sale of 54 units on Browning Lane in Brooklawn.

Kislak also handled the leasing of over 4,500 square feet of retail space in shopping centers in New Jersey and Pennsylvania.  Squires leased 1,628 square feet in Wayne, NJ and Wiener led Kislak’s efforts with the leasing of 1,600 square feet in Hanover, PA and 1,320 square feet in Paramus, NJ.

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 REITs.  The firm’s 25 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.  

Now in its 104th year, Kislak was among a select group of firms recognized as a 2009 Power Broker by CoStar Group, Inc. for multifamily sales transactions throughout the northern New Jersey market in 2009.

For more information on The Kislak Company, please contact Jason Pucci, Chief Operating Officer, at (732) 750-3000 or jpucci@kislakrealty.com, or visit www.kislakrealty.com.