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Kislak Completes $9M Sale of Two Passaic County Multifamily Buildings

POMPTON LAKES, NJ-The 68-unit property in Pompton Lakes and 14-unit building in Clifton were rare acquisition opportunities in a stable market, GlobeSt.com has learned.

By Debra Hazel | Updated on September 27, 2011

POMPTON LAKES-The Kislak Company has completed the sale of two multifamily properties for $9.3 million in Passaic County. Both the buyers and sellers in each transaction are private investors, the company said.

The purchase price for 68-unit property on 4.5 acres in Pompton Lakes was $7.9 million, and a 14-unit property in Clifton sold for $1.4 million. Transactions in this area are rare, says Robert Squires, a Kislak VP, as many of the owners have held the properties for decades and are reluctant to sell. “Given the supply and demand, there’s only so many buildings that trade,” Squires tells GlobeSt.com in an exclusive interview.

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