HACKENSACK, NJ−The Kislak Company has made four recent apartment building sales in Bergen County, generating 25 offers for one building in Hackensack and achieving a record-level per-unit price for a studio building in Leonia.
The transactions included the $2.99 million sale of a 28-unit property on First Street in Hackensack – the one that produced 25 offers - and the $2.11 million sale of a 20-unit property on Mary Street in Hackensack. In Ridgefield Park, a 19-unit property went for $2.6 million. A 12-unit building in Leonia fetched $1.22 million.
Kislak's Andrew Scheinerman represented the seller of the Hackensack and Ridgefield Park properties and the purchaser in all four transactions. Each of the buildings was 100% occupied, or nearly.
The First Street property in Hackensack is a garden-style complex located one block from Hackensack University Medical Center that was 97% occupied at time of sale. “Prior to closing, we dealt with two fires and subsequent repairs, and a 5-year real estate tax appeal,” Sheinerman said. The buyer of the building has begun further renovations, he added.
The Mary Street property is also a garden-style complex located close to the medical center. The sale was part of a Section 1031 like-kind tax exchange. "This vintage property sold for $105,500 per unit at an aggressive 5% cap rate,” said Scheinerman. “The sale marked our second transaction with the seller and third with the purchaser.”
The Ridgefield Park property is a mid-rise, sold by a large REIT in a deal that generated an offer nine days after Kislak accepted the assignment to sell it.
The Leonia garden complex has all-studio apartments with on-site parking Four of the units were gut-renovated with new hardwood floors throughout. “The property, commanded one of the highest per-unit prices for studios on record at $105,000 per unit,” said Scheinerman.
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