404-408 and 410-414 Union Ave. in Irvington — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has purchased a two-building, 45-unit apartment property in Irvington for $6 million, The Kislak Co. Inc. announced Monday.
According to the brokerage firm, the transaction includes adjacent brick buildings at 404-408 and 410-414 Union Ave. with a mix of studio, one-bedroom and two-bedroom homes. Kislak’s Julie Gralla represented the seller, noting that the asset has below-market rents and offers upside potential.
“It was a pleasure representing both the seller, a repeat client, and the purchaser,” said Gralla, a vice president with the Woodbridge-based firm. “Despite a failed deal earlier in the COVID-19 pandemic, I persevered with a firm belief in the potential of these buildings and given my relationship with the seller, which I value. I am thrilled we achieved the seller’s price, which is an aggressive price per unit for Irvington, but at a fair cap rate.”
In announcing the deal, Kislak said the four-story buildings have new electrical wiring and LED lighting, as well as a new boiler. They are within walking distance of public transportation and major highways, including the Garden State Parkway.
