14 Wood Ave. in Monticello, New York — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A longtime owner has sold a 76-unit apartment complex in New York’s Sullivan County for $3.225 million, in a deal arranged by The Kislak Co. Inc.
According to the Woodbridge-based brokerage firm, the fully occupied property at 14 Wood Ave. in Monticello changed hands after significant upgrades that were completed in 2023. Yet it still provides upside potential of $100 to 150 per month, Kislak said, citing rents of comparable area properties.
Kislak Executive Vice President Janet Bortz represented the seller, NY Jefferson Associates LP, which had owned the seven-building, garden-style complex since 1994. She also procured the buyer, Jefferson Gardens Apartment LLC.
“This was a value-add deal with significant upside potential including an opportunity to raise rents with limited capital investment for a property in good condition,” said Bortz, who has worked with the seller in prior deals. “We procured offers above the exclusive listing price and an offer was accepted in less than two weeks of marketing it.”
Built in 1969, Jefferson Gardens sits on 3.05 acres and has a mix of studio, one-bedroom and two-bedroom homes. The one- and two-bedroom dwellings have separate dining rooms, while other features include original hardwood flooring in most units, gas baseboard heat and hot water, laundry rooms, ample surface parking and on-site management.
Upgrades by the former owner included the installation of new boilers, enhancing the building’s heating efficiency and reliability, and the replacement of the soffits and gutters, according to a news release. That investment helped capitalize on the property’s location in the Catskills region and proximity to routes 17 and 17B, which provides connections to interstates 84 and 87 and access to Binghamton and New York City.
