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Kislak Transacts $30M of Residential Real Estate in NJ Properties in Rahway & Bayonne Change Hands

The 160-unit SkyView Rahway condominium

Woodbridge-based commercial real estate brokerage firm The Kislak Company, Inc. sold several multifamily properties recently in New Jersey, according to the firm’s press releases and investor website www.ROI-nj.com.

Rahway Condos

Kislak exclusively marketed 160 condominium units at Skyview Rahway—originally built as Skyview at Carriage City Plaza in 2005—that sold to an undisclosed New York firm for $26.5 million. According to the firm’s release, Kislak Senior Vice President Barry Waisbrod procured the buyer; SVP Jeff Squires led the assignment.

According to ROI-nj.com, the seller is a New York City-based pension fund that provided the original construction financing, and which had taken ownership of the property after it went into foreclosure in the late 2000s. “After acquiring the foreclosed property, the lender halted condominium sales and rented the remaining unsold 160 units as apartments,” said Squires in a prepared statement. The release notes that the units—45 one-bedrooms, 102 two-bedrooms, and 13 penthouses—were fully leased at the time of closing. Squires added that “There was fierce demand from our clients, who were looking to acquire a sizable rental property in the heart of Rahway. With a bustling downtown, arts district and increasingly strong rental market, Rahway has become one of the most sought-after cities in the state among investors.”

The property, at 80 E. Milton Ave., also includes 20,000 square feet of commercial space and a hotel, as well as some individually owned condos, all of which were not included in the transaction. “The purchaser, who is based in New York, believes strongly in the central and northern New Jersey condo markets,” Waisbrod said in a statement. “Skyview was particularly attractive to them, given the property’s location, proximity to the train, design, and excellent condition.”

M&T Bank provided financing for the purchaser, according to ROI-nj.com.

Bayonne Development Sites

According to its press release, Kislak also brokered three development properties in close proximity to one another in Bayonne. Kislak VP Davis Briones handled the assignment on behalf of the sellers, and procured the purchaser for two of the properties. Those two properties—vacant land at 43-45 West 32nd Street and a building at 425-429 Avenue C—were sold to Gold Coast Builders LLC for a combined price of $2.58 million.

According to the release, the vacant 50’ x 190’ lot at 43-45 West 32nd Street sold for $1.27 million in an all-cash transaction, and is slated for a five-story building containing 24 residential units and 24 parking spaces. “The property already had approved plans from the city,” said Briones. “It traded for about $53,000 per approved unit, within the market trend of $50,000–$60,000 per unit.” The building at 425-429 Avenue C sold for $1.01 million and is part of a 17-year PILOT program. Gold Coast Builders plans to raze it and develop a new five-story building on the corner site with 19 residential units and 19 parking spaces.

According to Briones, of these two sites, “We had a strong response to the offering since they were multifamily developments in Hudson County. Gold Coast Builders was motivated by the strong demographics in town, as well as the pro-development stance from the mayor and city.” The two properties are located in midtown Bayonne close to shopping, the Bayonne Medical Center, restaurants, library, Hudson County Park, and within walking distance of Light Rail, buses to New York City, Journal Square, and the PATH. 

The third property—another vacant lot at 795 Broadway in the Central Business District—sold for $300,000. The corner lot, measuring 25.19’ x 100’, is currently zoned for up to a five-story mixed-use development. “Given the strong demand for land in Bayonne,” said Briones, “we received multiple offers and the purchaser closed with no contingencies or city approvals during the pandemic crisis.” 

The release notes that the property has easy access to NJ Transit at 34th Street, and is approximately a 15– or 20-minute drive to Newark Penn Station Commuter Rail and Newark Liberty International Airport; Bogota Savings provided financing for the former two properties and Brunswick Savings for the latter property.

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Comments

  • Does binding alternative dispute resolution over ride the condo docs? If the alternative resolution changes the shared common ground expenses does it have to be voted upon by the Association? Does it have to be adopted into the condo docs?