Montclair apartments fetch $17.25M, Kislak says

By Eric Strauss
Montclair | Sep 13, 2018 at 7:05 am

A series of Montclair apartments totaling 70 residential units has sold for $17.25 million, the Kislak Co. Inc. announced recently.

The properties, at 31-49 N. Fullerton Ave. and 36 Forest Ave., were sold by family-owned investor Falad Properties LLC to private investor Oak Tree Capital LLC. Woodbridge-based Kislak marketed the properties on an exclusive basis, with Joseph Keenan, vice president, representing both the buyer and the seller.

“I am grateful to have been part of this transaction,” Keenan said in a prepared statement. “I have known the seller for over 12 years and we completed many deals together. I was honored when he approached me to sell these properties that he and his siblings had owned for nearly 20 years. The purchaser is a part of a multigenerational real estate family and this is the second deal he has closed since forming his own company. I am thrilled that he purchased these properties and look forward to closing many more deals together in the future.”

The North Fullerton Avenue property is a prewar, five-story elevator building with 68 units in studio, one- and two-bedroom configurations.

The Forest Avenue property is a three-story house with two units; the purchase helps expand parking availability for the other property’s residents.

Joshua Herbst was attorney for Oak Tree, while David Faloni represented Falad. Oritani Bank provide financing for the purchaser.

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