The Kislak Co. Inc. brokered the sale of a mixed-use portfolio in Irvington with 184 apartments and six retail spaces. — Courtesy: Kislak
By Joshua Burd
A seven-building residential and retail portfolio in Irvington has changed hands for nearly $18 million, in a transaction brokered by The Kislak Co. Inc.
The portfolio, which is made up of 184 residential units and six stores, includes:
- 2-10 Wagner Place (33 units)
- 38-40 Chester Ave. (21 units)
- 979-983 Clinton Ave. (31 units)
- 494 Stuyvesant Ave. (37 units)
- 780-86 Lyons Ave. (22 units and three stores)
- 51 Linden Ave. (29 units)
- 26-28 Chester Ave. (11 units and three stores)
Kislak Senior Vice President Joni Sweetwood represented the seller and procured the purchaser in the $17.8 million deal, the firm said, noting that the property at 979-983 Clinton Ave. also includes a rooftop, income-producing antenna.
Sweetwood added that the sale was reflective of the current market trend in which “owners are improving urban properties to a level that surpasses even properties in ‘high-end’ towns.”
“The properties were completely renovated and include luxury units in mint condition in an urban setting,” Sweetwood said. “The purchaser plans to maintain their luxury status and increase rents as there is a strong demand for quality housing in urban areas. The result is fully-occupied properties with increasing rents.”
The properties are located within close proximity of one another and are near Irvington’s large bus station and the Garden State Parkway, Kislak said. They also touted the pedestrian-friendliness of the properties.
The residential unit mix in the portfolio includes 17 studios, 142 one-bedroom apartments, 20 two-bedroom apartments, four three bedroom apartments and one four-bedroom apartment, the firm said. All buildings have renovated exteriors and common areas with key fob entries and security cameras.
Arbor provided financing for the portfolio.
