Kislak Completes $7M Sale of 95 Co-Op Units In Northern NJ

Barry Gardens, Passaic, NJ

ELIZABETH AND PASSAIC, NJ—The Kislak Co. arranged the sale of a portion of two co-op multifamily properties in Elizabeth and Passaic, NJ for $7.044 million. The separate transactions include 51 out of 190 co-op units at Barry Gardens in Passaic for $3.876 million, and 44 out of 85 co-op units at Tudor Court in Elizabeth for $3.168 million. The co-ops have been operated as rentals, have high historical occupancy rates and were fully occupied at the time of closing. Kislak marketed both properties on an exclusive basis. Vice president Jeff Squires represented the sellers in both transactions and the purchaser in the Elizabeth sale, none of which were identified. Vice president Robert Squires represented the purchaser in the Passaic sale. “These sales represented unique opportunities for investors to acquire a significant portion of co-op units in well-established properties,” says Robert Holland , Kislak president. “Both properties are strong and stable in excellent locations.” Barry Gardens is located in a residential neighborhood in Passaic, two blocks from the New Jersey Transit train station. The property is walking distance to Veteran’s Memorial Park, several synagogues and various religious organizations. The property is well-maintained and various capital improvements have been made. Amenities include a pool, playground and laundry room. Tudor Court is located in a residential neighborhood in the North Avenue area of Elizabeth. It has semi-private entrances and on-site parking The North Broad Street train station is located one-half mile east of the property and provides direct access to New York City. The property is adjacent to two private schools and is one-half mile from Kean University . “ Tudor Court and Barry Gardens are both among the most desirable garden apartment communities in each of their respective markets.  Both properties are a short walk to the train and have been held by the same owner for over 30 years,” says Jeff Squires . “We were able to quickly procure purchasers for each property and Tudor Court closed on an all-cash basis.” “Rarely does such a large property come on the market in Passaic Park,” says Robert Squires .  “After obtaining the listing for Barry Gardens, Kislak received an overwhelming demand for the offering memorandum, after which we were able to secure a deal.”