Teaneck apartments fetch nearly $3.7M in 1031 exchange

By Eric Strauss
Teaneck | Jul 18, 2018 at 7:10 am

A 25-unit multifamily apartment property in Teaneck has sold for $3.675 million, according to the Kislak Co. Inc., which helped arrange the deal.

Alma Terrace, at 500 Alma Terrace, was part of a 1031 exchange for both the seller and buyer. Kislak marketed the property on behalf of JGSR LLC, with Andrew Scheinerman, vice president, representing the seller and procuring the buyer, PW LLC.

“The seller realized a 65 percent increase in value in the five years they owned the property,” Scheinerman said in a prepared statement. “The property yielded a strong price per unit and the market has high barriers to entry.”

The three-story, walk-up garden apartment property, built in 1943, includes 22 one-bedroom and three studio layouts. It was fully occupied at time of closing.

“There are plans for the buyer to further renovate and upgrade the property,” Scheinerman said.

Oritani provided financing. Steve Russo was the attorney who represented the purchaser in the deal, while Neil Chessin represented the seller.

Eric Strauss | estrauss@roi-nj.com | acerimrat