The Kislak Co. recently sold two multifamily properties with a total of 20 units in Elizabeth for $4.12 million. The Union Country properties are located at 126 First St. and 70-72 Livingston St.
Kislak marketed the properties on an exclusive basis, with Senior Vice President Don Baxter and Vice President Michael Salomon handling the assignment on behalf of the seller. Executive Vice President Joni Sweetwood procured the purchaser. The parties were not disclosed.
“These two properties are located within a block from each other and are in very close proximity to Elizabeth’s scenic port/waterway,” Baxter said. “As with many recent sales, sellers are becoming accustomed to the pace of a changing lending environment. We appreciate the patience and involvement of our clients to get today’s deals done.”
Highlighting current market conditions, Salomon said: “As the market shifts, we are still seeing many active and eager buyers emerging. This sale illustrates the resilience of the multifamily sector even in a more challenging market.”
The property at 126 First St. is a three-story brick building consisting of six residential units. The property at 70-72 Livingston St. is a newly constructed three-story building with two stores at street level and 12 residential units. Both buildings are well-maintained in upcoming areas of Elizabeth, close to commuter transportation and offering strong upside potential.