The Kislak Company recently announced the $10,915,000 off-market sale of a five-building multi-family portfolio in Kearny, Hudson County, New Jersey.
The multi-family portfolio consisted of 65 units and one retail space. The buildings are located at 111 and 117 Belgrove Drive, two 20-unit brick buildings; 12 Grant Avenue, a 16-unit brick building; 160 Stuyvesant Avenue, a mixed-use building with five residential units and one retail space; and 9 Maple Street, four large one- and two-bedroom units with full kitchens.
Three of the properties are located less than a mile from the PATH and Newark-Broad Street station, both within walking distance of each other. According to Kislak, the Kearny neighborhood is experiencing a shift from industrial and warehousing to mixed-use developments as older buildings in the area are renovated or replaced.
Kislak’s Senior Vice President Scott Davidovic and Vice President Michael Kossak represented both parties involved in the off-market transaction.
Mr. Davidovic commented, “This sale, handled completely off-market in competition with other brokers, shows the strength of our clients who are consistently paying top dollar and are strong closers. The purchaser completed his due diligence pre-contract with minimal contingencies, which we encourage when appropriate, demonstrating professionalism not only to be awarded a deal but to close as well.”
Mr. Kossak added, “These are the exact types of properties clients are aggressively looking to purchase, and the area is drawing new renters who may need to commute to New York City as nearby public transportation is easily accessible. Several new residential developments have also been completed or are underway in the area.”