WOODBRIDGE, NJ-The Kislak Co. Inc. recently completed nine separate multifamily transactions throughout New Jersey, which included 10 properties for a total of 217 units valued at $12.48 million. Kislak also handled the leasing of three retail spaces in New Jersey and Pennsylvania.
“We are experiencing a steady increase in demand among investors especially since last year,” says Jeffrey Wiener, president and co-managing director. “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, adds 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, he says, 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,” he continues.
In the northern portion of the state, eight properties were sold in seven separate transactions. Vice presidents Jonathan Greenberg and Don Baxter handled the $1.8-million 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. Additionally, senior vice president Joni Sweetwood and vice president Robert Squires handled the $1.35 million sale of 25 units on Mount Prospect Avenue in Newark. Sweetwood also handled the $1-million 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. For his part, Squires also handled the $1.2-million sale of 16 units on Paulison Avenue in Passaic.
In Central New Jersey, two properties were sold in separate transactions, with vice president Barry Waisbrod handling the $1.9-million 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. And In Southern New Jersey, Sweetwood also handled the $2.9-million sale of 54 units on Browning Lane in Brooklawn.
In addition to the sales activity, 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.
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