PALISADES PARK, CLIFFSIDE PARK, LEONIA, RIDGEFIELD PARK, NJ—A longstanding relationship with Novel Property Ventures turned into a $22.2 million portfolio sale of 132 residential units and two stores in Bergen County, NJ, for The Kislak Company.
Senior vice president Robert Squires marketed the portfolio consisting of six buildings – three in Palisades Park and three others in Cliffside Park, Leonia, and Ridgefield Park – on an exclusive basis for the seller, a family partnership who built and owned the properties for 60 years.
“Our marketing efforts included a number of tours and culminated in several strong offers following a competitive bid process,” says Squires. “Ultimately, we obtained the highest and best price for the sellers. Long term ownership typically equates to below market rents and consequently, to significant upside potential. Both parties were pleased with our results.”
“Bergen County is among the strongest markets in the Tri-State Area for multifamily properties,” says Robert Holland, Kislak president. “With a huge demand in New Jersey for well-located, well-maintained apartment buildings, these fully occupied, extremely well-maintained properties located about 5-6 miles from New York City presented an attractive investment for the purchaser. Rob Squires did an outstanding job orchestrating these sales in an extremely competitive environment.”
The Palisades Park locations at 55 and 57-61 Bergen Boulevard and 100 Broad Avenue house 16 one-bedroom, 24 two-bedroom, and 8 studio apartments with 2 stores at street level respectively. The Manor in Cliffside Park at 257 Grant Avenue, hosts 4 studio, 28 one-bedroom, and 1 two-bedroom units in its four story brick building. The two story brick building at 200-210 Broad Avenue in Leonia consists of 2 two-room, 11 three-room, and 2 three and a half room apartments amid a wooded landscape.
The largest of the six buildings is located at The Madison at 147 Main Street in Ridgefield Park, a six story brick building where balconies adorn some of the 10 two-bedroom and 26 one-bedroom residential units.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
