Elizabeth Towers at 315 West Grand St. in Elizabeth — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The longtime owner of a 193-unit, age-restricted apartment high-rise in Elizabeth has sold the property for $14.3 million, in a newly announced deal by The Kislak Co. Inc.
In a news release, the brokerage firm said it represented MMH II LLC – Marshall & Moran Inc. in the transaction at 315 West Grand St., the site of what’s known as Elizabeth Towers. A buyer listed as Elizabeth Towers TG LLC purchased the 13-story building, with New York Community Bank providing financing for the sale.
Kislak senior vice presidents Joseph Keenan and Jeff Squires were the listing brokers, while Executive Vice President Joni Sweetwood procured the buyer.
“Jeff and I brought this to market and immediately received tremendous interest,” Keenan said. “We had many showings, multiple bids and several meetings between the sellers and potential buyers. It is not often such a property comes to market. I am extremely grateful to our clients for extending us the opportunity to work on the property on an exclusive basis.”
The brokers announced the deal Wednesday, noting that most of the building’s apartments are subsidized under the U.S. Housing and Urban Development Department’s Section 236 Rental Assistance Program and with the help of a local payment in lieu of taxes agreement. The collection of studio, one-bedroom and two-bedroom homes, located in the city’s Elmora section, was fully leased at the time of the sale.
Kislak added that Elizabeth Towers captures additional rental income from seven rooftop antennas, helping to offset tenant rents beyond the federal subsidies.
“Elizabeth Towers is one of the premier high-rise properties in the Elmora section of Elizabeth,” Squires said. “Our team worked with the sellers and buyers who were required to obtain approvals at both the state and municipal levels, including an assumption of the PILOT program.”
The buyer is an affiliate of a longtime Kislak client.
“We persevered with our longtime client to get the deal done after other brokerage companies worked on the property but failed to do so,” Sweetwood said.