PALISADES PARK, CLIFFSIDE PARK, LEONIA, RIDGEFIELD PARK, NJ—A longstanding relationship with Novel Property Ventures turned into a $22.2 million portfolio sale of 132 residential units and two stores in Bergen County, NJ, for The Kislak Company.
Senior vice president Robert Squires marketed the portfolio consisting of six buildings – three in Palisades Park and three others in Cliffside Park, Leonia, and Ridgefield Park – on an exclusive basis for the seller, a family partnership who built and owned the properties for 60 years.
“Our marketing efforts included a number of tours and culminated in several strong offers following a competitive bid process,” says Squires. “Ultimately, we obtained the highest and best price for the sellers. Long term ownership typically equates to below market rents and consequently, to significant upside potential. Both parties were pleased with our results.”
“Bergen County is among the strongest markets in the Tri-State Area for multifamily properties,” says Robert Holland, Kislak president. “With a huge demand in New Jersey for well-located, well-maintained apartment buildings, these fully occupied, extremely well-maintained properties located about 5-6 miles from New York City presented an attractive investment for the purchaser. Rob Squires did an outstanding job orchestrating these sales in an extremely competitive environment.”
The Palisades Park locations at 55 and 57-61 Bergen Boulevard and 100 Broad Avenue house 16 one-bedroom, 24 two-bedroom, and 8 studio apartments with 2 stores at street level respectively. The Manor in Cliffside Park at 257 Grant Avenue, hosts 4 studio, 28 one-bedroom, and 1 two-bedroom units in its four story brick building. The two story brick building at 200-210 Broad Avenue in Leonia consists of 2 two-room, 11 three-room, and 2 three and a half room apartments amid a wooded landscape.
The largest of the six buildings is located at The Madison at 147 Main Street in Ridgefield Park, a six story brick building where balconies adorn some of the 10 two-bedroom and 26 one-bedroom residential units.