The Kislak Company, Inc. announced the recent sale of two properties with a total of 47 units in Irvington for $4,700,000. The adjacent properties include 15 Chester Avenue with 33 units and Springbrook Gardens at 628-630 Lyons Avenue with 14 units.
Kislak marketed the properties on an exclusive basis with Executive Vice President Joni Sweetwood handling the assignment on behalf of the sellers, D&L Tunis, LLC and Spring Brook Gardens, LLC. She also procured the purchaser, CY Management, LLC.
“This purchase is a home run for the buyer,” said Sweetwood. “Rents are approximately 40% below market, plus there is a vacant lot with future potential next to the Chester Avenue property. The sellers were a longtime owner.”
Both properties are situated in established residential neighborhoods with proximity to public transportation, major highways, retail shopping and essential services, making them highly desirable for tenants. Tenants are responsible for gas and electricity. The 33-unit property at 15 Chester Avenue is an all-brick, elevator, 4.5-story building. Located across from the Chester property is the newly renovated Irvington Park with a community house and other facilities.
The 14-unit Springbrook Gardens at 628-630 Lyons Avenue is an all-brick, 3.5-story building with garage parking. The property is well-positioned along a key thoroughfare, providing excellent visibility and accessibility for commuters and residents.
Sweetwood also recently arranged the sale of a 64-unit property in Irvington at 28-52 Nesbit Terrace and 57-73 Park Place. The terms were not disclosed.
Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople, consistently ranking as a top producer each year. She has won numerous sales awards, including the Sima Kislak Jelin Salesperson of the Year award, the company’s Producer of the Year award five times and the company’s Sales Transactions award for the most closed sales transactions in the last three years.
She has also been repeatedly recognized as one of New Jersey’s Commercial Broker All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business. Her career investment sales total more than $1.4 billion.
