Kislak sells Paterson multifamily portfolio for $6.3M

The Kislak Co. Inc. announced on Thursday the $6.3 million sale of a three-property portfolio in Paterson.

It includes:

  • 257-261 Rosa Parks Blvd., a 19-unit property sitting above six street-level retail spaces;
  • 11-17 Governor St., a 15-unit property; and
  • 324 Hamilton Ave., a 13-unit property.

Kislak’s Joseph Keenan, senior vice president, marketed the buildings on behalf of the seller, a New York-based client, and represented the buyer, a New York-based investor.

“I represented the seller in the acquisition of these properties approximately 18 months ago. The price negotiated at the time was quite below market value which allowed the seller to invest in the properties and then re-sell them for a handsome profit,” Kennan said.

All of the properties are located in the Wrigley Park section of Paterson and were 100% occupied at the time of the sale.

“The Paterson market has become very attractive to investors, both locally and beyond with its close proximity to New York City and extremely high population density,” Keenan said. “Both the seller and purchaser are New York-based with the purchaser expanding his footprint in the market and the seller in the process of exchanging into larger properties.”