The buyers and sellers in each deal were unnamed private investors. Kislak VPs Don Baxter and Jonathan Greenberg represented both parties."Hudson County is an unusual area in Northern New Jersey with below-market rents," said Greenberg in a statement announcing the deals. "As tenancies change, rents increase. We are able to show our clients real and reliable upside. The sellers were also able to benefit from the continued demand as their investment strategies shifted from these properties to others."
The West New York sale included a 37-unit property at 6611 Broadway; a 17-unit building with one retail space at 5902 Madison St.; a 19-unit property with one retail space at 6120 Monroe Pl.; and a 24-unit property at 6204-6210 Palisade Ave. The 54-unit Union City sale involved a property at 137-147 36th St.
In both deals, the buyer's financing was arranged by Elliot Treitel of Meridian Capital. In the Union City transaction, funds were obtained from Investors Savings Bank.
Each buyer received legal advice from Larry Raiss of Feinstein Raiss Kelin & Booker of West Orange. In the West New York deal, attorney Jonathan R. Mehl of Rutherford advised the seller.
The seller of West New York properties--all four- to five-story, walk-ups--completed a number of utility and other upgrades at the brick buildings in recent years. The Union City property is a four-story brick garden-style building with one, two and three bedroom apartments. Each apartment has a separate entrance and garage and the building includes many duplexes.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
