HOBOKEN, NJ−The Kislak Company, Inc. has completed the $18.3 million sale of a 16,000-square-foot portfolio of ten apartment buildings and ten retail spaces here.
The portfolio includes adjacent properties on Washington, Newark and Court Streets, situated four blocks from a PATH station. The residential units are converted condominiums, and several were recently gut-renovated.
“After trying to sell the property on his own, the seller engaged Kislak on an exclusive basis to market and sell the portfolio, which enabled us to market it widely to local, regional and national investors,” said Scott Davidovic, who represented the unidentified seller. His colleage Janet Bortz represented the buyer.
“Given the demand for properties in Hoboken, the close proximity of the portfolio to the PATH station and lower Manhattan, there was extraordinary interest from a variety of investors,” said Davidovic. “We achieved 96% of the asking price.”
Bortz said demand in Hoboken greatly exceeds the supply of available properties. “The excellent location, high rents and long-term growth brought qualified buyers willing to pay lower cap rates,” she said.
The buildings were 100% occupied at the time of sale.
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