500 Alma Terrace in Teaneck — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An apartment owner has reaped nearly $3.7 million from the sale of a 25-unit complex in Teaneck, following a transaction brokered by The Kislak Co. Inc.
The property, 500 Alma Terrace, changed hands as part of 1031 exchanges for both parties, Kislak said in a news release. An entity listed as JGSR LLC, a longtime client of the firm, sold the complex to PW LLC for $3.675 million.
Kislak Vice President Andrew Scheinerman represented both parties, noting that the seller realized a 65 percent increase in value in the five years it owned the property. Oritani Bank provided financing.
“The property yielded a strong price per unit and the market has high barriers to entry,” Scheinerman said.
The three-story, brick-and-masonry property sits off the main thoroughfare of Cedar Lane in Teaneck, with a mix of 22 one-bedrooms and three studios, Kislak said. Built in 1943, the complex has recent updates such as new windows, gutters, entrance doors, new hallway emergency lighting and intercom systems, along with kitchen upgrades.
Scheinerman said the buyer is planning to make additional renovations. At the time of closing, the property was fully occupied.
Attorney Steve Russo also represented the buyer, while Neil Chessin represented the seller.
