Kislak Brokers Condo and Office Deals Worth $22 Milllion

The Lenox, Union City, NJ

FAIRFIELD AND UNION CITY, NJ—The Kislak Company has been busy, brokering a condo sale and an office deal that are together worth about $22.2 million. Kislak brokered the off-market sale of 110 condo units at The Lenox in Union City, NJ for $13 million, and the sale of the Fairfield Corporate Center , a 110,105 square foot office complex in Fairfield Township, NJ, which sold for $9.2 million. Sun Equity Partners was the seller of The Lenox , Jason Pucci , chief operating officer of Kislak, tells GlobeSt.com exclusively . Sun Equity and the buyer, who was not named, were both represented by Kislak vice president Barry Waisbrod . “There is continued strong demand among investors for multifamily properties in Union City, as well as greater Hudson County, given the area’s large population, proximity to New York City and very low vacancy rates,” says Robert Holland , Kislak president. “ Barry did an excellent job facilitating this off-market sale, and the closing occurred very quickly – within 30 days of contract execution.” The Lenox is a 300-unit luxury high-rise condominium located on Central Avenue in Union City. Residents have easy access to New York City with bus service available directly across the street from the building. Neighboring Hoboken and Manhattan are only minutes away. Amenities include onsite parking, a 24-hour doorman, childcare and fitness centers, and a landscaped courtyard. Units have energy efficient air conditioning, crown molding and gourmet kitchens featuring steel appliances, granite countertops, maple cabinetry, and porcelain tile. Some units enjoy expansive views of Manhattan. Over the last 10 years, the building has undergone numerous improvements including a roof replacement, installation of a new rooftop water tank, elevator upgrades, hallway renovations, new balcony doors, exterior brick pointing, security cameras, and a central station hardwired fire alarm system. “The purchaser felt strongly about the Union City market,” says Waisbrod . “Union City has a high percentage of renters and its proximity to New York City typically results in near zero vacancy rates. This was an attractive long term investment with upside.”

Fairfield Corporate Center, Fairfield, NJ

Waisbrod also represented Faircorp Associates, the seller of the Fairfield Corporate Center, and vice president Jonathan Greenberg represented the purchaser, who was not identified. Both parties are longtime Kislak clients. “After owning the property for many years, the seller realized the time was right to sell given the strength of the market in northern New Jersey,” said Waisbrod of the office property. “We had several interested purchasers and the seller ultimately proceeded with a client of ours who also owns a neighboring property,” said Greenberg. “And prior to closing, one of the largest tenants in the center vacated unexpectedly. We scrambled to find a replacement tenant and found one very quickly. The purchaser waited for the new lease to be signed and we closed. It was a true team effort.” The Fairfield Corporate Center is a four building, single story, class B office complex that contains an above-grade building area of 110,105 square feet and a measureable lease area of 106,512 square feet. The property is located on the north and south side of Kingsbridge Road, on the west side of Passaic Avenue in Fairfield Township, an affluent community of over 7,000 people located in the northwest corner of Essex County, approximately 25 miles from New York City. Situated on nearly 11 acres, each building includes a tenant-accessible loading dock, fire suppression system and on-site parking for a total of over 500 cars. At the time of closing, the property was approximately 95 percent occupied. The purchaser is planning extensive renovations including new roofs and landscaping.