70-unit multifamily property in Plainfield goes for $17.5M

Stony Brook Gardens, a 70-unit multifamily property in Plainfield built in 1961, sold for $17.5 million, the Kislak Co. announced.

Neither the buyer nor the seller was identified.

The property, located at 643-715 E. Front St., is close to two commuter rail stations, as well as Route 22 and Interstate 78.

Kislak officials, who represented both parties, said there were more than $500,000 of capital improvements completed on the property prior to the sale — and that no due diligence or financing contingency were required at signing of the non-contingent contract.

Kislak Executive Vice President Joni Sweetwood and Vice President Julie Gralla represented the parties.

“The sale, at a record-setting $250,000 per unit for older construction, low cap rate and incredibly strong terms, are a testimony to the strength of the market and our close, long-term client relationships,” Gralla said. “It was the perfect match for both buyer and seller.”