Kislak announces $5.3M sale of Roselle apartments

By Emily Bader
Roselle | Jun 8, 2018 at 11:12 am

Woodbridge-based The Kislak Company Inc. announced Friday the $5.3 million sale of an apartment building in Roselle.

The 35-unit building is located at 533 2nd Ave.

Joni Sweetwood, senior vice president, represented the seller, Teleflora Realty Group LLC, and the buyer, Goldcrest Properties.

“Buyers are attracted to new construction and gut-renovated properties when there is a PILOT program in place, and this property had a 30-year PILOT program in place already,” Sweetwood said. “With 28 years remaining on the tax PILOT program at a $15,000 fixed, annual rate payment, the buyer will continue to maintain the property in pristine condition and increase rents.”

Arnold Budin was the buyer’s attorney and Chaim Dahan represented the seller. Meridian Capital Group utilized Arbor to provide financing.

Emily Bader | ebader@roi-nj.com | emilybader