Kislak helps sell part of Tudor Court cooperative in Elizabeth for $5.2M

The Kislak Co. announced the recent bulk sale of 46 units at Tudor Court, a cooperative with a total of 85 units at 800-822 N. Broad St. in Elizabeth, for $5.2 million.

Woodbridge-based Kislak marketed the units, which represent a majority of the cooperative, on an exclusive basis, with Senior Vice President Janet Bortz and Executive Vice President Joni Sweetwood handling the assignment. They also procured the purchaser, a longtime Kislak client who purchased the units on an all-cash basis.

The parties were not disclosed.

“Within two weeks of the seller engaging us on an exclusive basis, we procured a Bergen County-based buyer who proceeded at the asking price. The large units with below-market rents offer excellent upside potential for the purchaser,” Bortz said.

“Selling 46 co-op apartments within a larger building is much more complex than selling a traditional 46-unit building. However, by working with Janet Bortz and Jeffrey Itzkowitz of Brach Eichler, we were able to seamlessly resolve issues that stemmed from the transactional complexities,” Sweetwood said.

Tudor Court is a an all-brick, garden-style cooperative property located in the North Broad residential section of Elizabeth conveniently located near New Jersey Transit, shopping and Kean University. The seller operated the units as rentals, which were historically fully occupied with a waiting list.