Woodbridge-based the Kislak Co. said it recently sold a three-building, 20-unit multifamily portfolio in Newark and East Newark for $3,150,000.
Kislak marketed the portfolio on an exclusive basis with Vice President Julie Gralla handling the assignment on behalf of the sellers, Jackson Street LLC, FKJ Realty Holdings LLC and 442 John Street LLC. She also procured the purchaser, MFP Realty.
“This was a challenging deal from the start primarily because of the rising interest rates, and the final contract was the third one on the portfolio. Fortunately, we overcame the challenges and secured a purchaser at an aggressive cap rate. We connected them with a bank that had a small pool of financing available at a relatively attractive interest rate and closed,” Gralla stated.
The portfolio consists of the following properties: an 8-unit building at 96 Jackson Street in Newark, a 6-unit building at 65 Lang Street in Newark and 6-unit building at 442 John Street in East Newark. Jackson Street building is a brick, four-story with eight one-bedroom; Lang Street is a brick and vinyl-sided three-story with six two-bedroom; And John Street is a vinyl-sided, three-story with three two-bedroom units and three three-bedroom. The Jackson Street property is centrally located near the corner of Ferry Street and only a 10-minute walk from Newark Penn Station. The Lang Street property is a 10-minute walk from the Jackson Street location. The John Street property in East Newark is within minutes of Route 21/McCarter Highway and a 15-minute walk to the Newark Broad Street train station.