FORT LEE, NJ—The Kislak Company arranged a 98-year ground lease for Plaza Gardens, a 66-unit apartment complex at 2151-2171 Center Avenue in Fort Lee, NJ.
The transaction included an aggressive upfront fee plus an undisclosed annual ground rent based on a cap rate valuation of 5+ percent. Vice president Scott Davidovic represented the owner and sales associate Andrew Scheinerman represented the tenant.
Constructed in the 1950s, the property includes 66 apartments in eight two-story brick buildings with on-site parking, garages, and separate utilities. The property is in an excellent rental market and is ideally located in a suburban neighborhood near the George Washington Bridge and major highways with easy access to New York City and points throughout northern New Jersey.
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