The second Hoboken property consists of vacant warehouse space on six lots in the western portion of Hoboken. Davidovic also co-represented the seller and purchaser.

“The buyer purchased the property all cash, 'as is' with no contingencies in an effort to help facilitate the approvals process,” says Davidovic. “This is further evidence that buyers are really trying to get into Hoboken.”

The Elizabeth property consists of a five-story elevator building with 55 residential units. The property is centrally located near the Elmora section of Elizabeth and Kean University within close proximity to major highways and public transportation. Davidovic and vice president Jonathan Greenberg represented the seller and Greenberg represented the purchaser.

“A loan assumption was executed to avoid a pre-payment penalty,” says Davidovic. “We represented the seller in the sale of this property and his purchase of a Section 1031 Exchange property.”

“The purchaser was a long-time Kislak client,” says Greenberg. “Several other brokers had the listing but Kislak was able to procure a purchaser and make the deal.”

The Irvington property consists of a three-story brick garden apartment building. The property offers on-site parking and large one-bedroom units. Davidovic represented the seller and Greenberg represented the purchaser.

“The multifamily remains very strong throughout New Jersey where we are seeing high per-unit prices and low cap rates,” says Davidovic. “This property traded at $50,000 per unit and will be gut renovated by the new owner.”

The Leonia property consists of a 12-unit all brick garden-style apartment building. The recently-landscaped property is located in desirable Bergen County close to Fort Lee and the George Washington Bridge. The property includes several gut-renovated apartments, a security system and brand new hardwood floors. Amenities include on-site parking and laundry. Davidovic represented the seller and vice presidents Don Baxter and Andrew Scheinerman represented the purchaser.

“Multifamily properties in Bergen County are in extremely high demand,” says Davidovic. “We were able to sell this building twice in two years.”

The Newark properties consist of two brick buildings, each containing 12 apartments with parking and garages. The properties are centrally located in the Ironbound section of Newark. Davidovic represented the seller and Davidovic and Greenberg represented the purchaser.

“The purchaser completed a Section 1031 Exchange with this property,” says Davidovic. “The seller, who owned the property for 30 years, took advantage of the high demand and prices for multifamily properties.”

The Irvington mortgage and note sale was for a 16-unit mixed-use building with 12 apartments and 4 retail stores. The property was completely renovated in 2007. Davidovic represented both parties in the transaction.

“We sold the mortgage and note for the lender, securing an all-cash buyer and closing in 21 days,” says Davidovic.