The Kislak Co. on Wednesday announced that it recently sold Elizabeth Towers, a 193-unit high-rise apartment building in Elizabeth, for $14.3 million.
Woodbridge-based Kislak marketed the property on an exclusive basis, with Senior Vice Presidents Joseph Keenan and Jeff Squires handling assignment on behalf of the seller, MMH II LLC – Marshall & Moran Inc. Executive Vice President Joni Sweetwood procured the purchaser, Elizabeth Towers TG LLC, an affiliate of a longtime client.
Located at 315 W. Grand St., Elizabeth Towers is a well-maintained 13-story senior housing building with both income- and age-restricted units pursuant to the HUD Section 236 Rental Assistance Program and a PILOT program.
“Jeff and I brought this to market and immediately received tremendous interest,” Keenan stated. “We had many showings, multiple bids and several meetings between the sellers and potential buyers. It is not often such a property comes to market.”
The building was fully occupied with a waiting list at the time of the sale. Additional rental income from seven rooftop antennas allowed tenant rents to be kept below market, along with the HUD subsidies. Lending for the sale was financed by New York Community Bank.
Situated in the desirable Elmora section of Elizabeth, the elevator building houses 72 studios, 120 one-bedroom units and one two-bedroom apartment. Amenities include a concierge service and on-site parking.
