Two adjacent buildings with a total of 45 residential units in Irvington have sold for $6 million, according to a Monday announcement from the Kislak Co.
Located at 404 – 408 and 410 – 414 Union Ave., the well-maintained and semi-renovated property consists of two four-story brick buildings, which recently had new electrical wiring and LED lighting installed as well as a new boiler.
Built in 1940, the buildings offered a great deal of upside potential with below-market rents.
Located in the center of town, the properties are within walking distance of public transportation and all major highways.
Kislak marketed the property on an exclusive basis, with Vice President Julie Gralla handling the assignment, and she also procured the purchaser. Neither party was disclosed.
“It was a pleasure representing both the seller, a repeat client, and the purchaser. Despite a failed deal earlier in the COVID-19 pandemic, I persevered with a firm belief in the potential of these buildings and given my relationship with the seller, which I value,” Gralla stated. “I am thrilled we achieved the seller’s price, which is an aggressive price per unit for Irvington, but at a fair cap rate.”