The Woodbridge-based Kislak Co. on Friday said it recently brokered the sale of a luxury multifamily building in West New York for $5.21 million.
Kislak marketed the property on an exclusive basis on behalf of the seller, Palisades Plaza II LLC, with Vice President Davis Briones handling the assignment; he also procured the undisclosed purchaser.
Kislak previously sold several properties to the seller, a developer working in northern and central New Jersey.
Briones commented: “This sale is an excellent example of the continued strong interest in new construction, cash-flowing properties from a diverse group of investors and capital sources, despite higher interest rates. Although cap rates for Class A multifamily properties have remained in the low 5% range, investors are investing in real estate for its intrinsic value and long-term capital appreciation.”
Located at 414 50th St., the five-story, 19,522-square-foot building that was constructed in 2019 features 13 units and a ground-level parking garage accessible by elevator with a space for each tenant. The building presents a contemporary look with sleek lines and bold, earthy colors. The property also has a five-year tax abatement expiring later in 2023.
With a footprint of approximately 1,000 square feet, each unit has a spacious kitchen with quartz countertops, hardwood cabinets and stainless-steel appliances. Bathrooms feature porcelain tiles, stainless steel shower panels and faucets, and modern vanities. Units also feature hardwood flooring throughout, large picture windows, heating systems and built-in AC wall units, along with in-unit washers and dryers.
The property is conveniently located between Bergenline Avenue and Palisade Avenue, one block from the Hudson-Bergen Light Rail’s Bergenline Avenue Station, which connects to the Port Imperial Ferry Station, and near two commuter rail lines with access to Penn Station. At the time of sale, the building was 100% occupied.
Although a turn-key investment, the purchaser has plans to add other amenities, reflecting on the transaction as indicative of current market trends in the area.
Financing was provided by Spencer Bank.