Kislak sells 2 Elizabeth multifamily properties for $6.5M

Woodbridge-based The Kislak Company Inc. announced Tuesday the sale of two multifamily properties in Elizabeth for $6.5 million.

The properties include a two-and-one half story, 34-unit, apartment building at 417-412 Irvington Ave. and a three-story, 28-unit apartment building at 71-80 Prince St.

Jeffrey Squires, senior vice president at Kislak, marketed the properties on behalf of the seller, Prince Elizabeth Go LLC, and Michael Salomon, sales associate, represented the buyer, a private investor.

“The sellers purchased the properties five years ago for $3.8 million intending to hold them long-term,” Squires said. “We brought them an offer for almost double what they paid, which compelled them to sell.”

Both properties are within close access to the Elizabeth Train station.

“This sale further exemplifies the continued and increasing strength of the northern New Jersey multifamily sector in areas outside of New York City,” Salomon said. “The purchasers were eager to proceed as there is still plenty of upside to be realized with the properties.”

Combined, the properties are 90 percent occupied, Kislak said.