The Kislak Co. Inc. on Monday announced the recent sale of Brighton Estates, a 95-unit multifamily property at 1 and 13-53 Brighton Ave. in Belleville, for $11.8 million.
Kislak marketed the Essex County property on an exclusive basis on behalf of the longtime owner, Brighton Estates Inc., with Vice President Tom Scatuorchio managing the assignment.
Senior Vice President Andrew Scheinerman procured the purchaser, MC Brighton LLC, an affiliate of a longtime client. The sale is the largest multifamily sale in Essex County in over a year, according to data available from CoStar.
Built in 1962, Brighton Estates consists of three two-story brick garden apartment buildings on 1.19 landscaped acres. The property includes 95 large and well-maintained units — 13 studios, 66 one-bedroom apartments and 16 two-bedroom apartments. Recent improvements include all-new windows and pitched roofs within the last 10 years. Amenities include on-site parking with a designated spot for each unit, as well as laundry facilities.
Scatuorchio commented: “Given the size, location and tremendous upside potential of the property given its below-market rents, our marketing efforts resulted in a dozen offers. However, the sale also coincided with the sharp rise in interest rates throughout 2023, which added a layer of complexity to the transaction. The closing is a testament to the strong rental market in Belleville and purchaser’s strength and perseverance.”
“We have closed more than two dozen transactions with the purchaser and this property will be an ideal addition to their portfolio, given its size, location and significant upside potential. Belleville and the surrounding areas are strong rental markets and it is rare that a property of this size becomes available,” Scheinerman added.
Belleville is approximately 17 miles from New York City. The property is located in a residential neighborhood within walking distance of Clara Maass Medical Center, less than a mile from the Silver Lake light rail station, which provides commuter service to downtown Newark, and one mile from the Garden State Parkway. Financing was arranged by Christopher Carola of Lakeland Bank and provided by Lakeland Bank.
The seller’s attorneys were Genesis Stokes and Perry Florio of Waters, McPherson, McNeill P.C. and the purchaser’s attorney was Scott Herzog of the Law Offices of Scott Herzog LLC.