The Madison at 147 Main St. in Ridgefield Park — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A family partnership has sold six apartment buildings in Bergen County, fetching more than $22 million for the 132-unit portfolio after six decades of ownership.
The Kislak Co. Inc., which represented the seller, said an investor known as Novel Property Ventures acquired the portfolio in Palisades Park, Cliffside Park, Leonia and Ridgefield Park. The largest among them is The Madison at 147 Main St. in Ridgefield Park, a six-story brick building with 10 two-bedroom and 26 one-bedroom units.
Kislak Senior Vice President Robert Squires represented the seller, an entity that also was the original developer of the properties 60 years ago.
“Our marketing efforts included a number of tours and culminated in several strong offers following a competitive bid process,” Squires said. “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.”
The portfolio also includes 48 units and two ground-level retail spaces spread across 55 and 57-61 Bergen Blvd. and 100 Broad Ave. in Palisades Park. Another building known as The Manor in Cliffside Park sits at 257 Grant Ave., housing 33 apartments in a four-story brick building.
In Leonia, a two-story brick building at 200-210 Broad Ave. consists of 15 apartments.
“Bergen County is among the strongest markets in the Tri-State Area for multifamily properties,” Robert Holland, Kislak’s president, said in a prepared statement. “With a huge demand in New Jersey for well-located, well-maintained apartment buildings, these fully occupied, extremely well-maintained properties located (five to six) 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.”
