5-22 Carpenter Terrace in Belleville — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A seven-building, 28-unit apartment property in Belleville has changed hands for $4.7 million, in a newly announced deal by The Kislak Co. Inc.
The brokerage firm’s Matt Weilheimer and Tom Scatuorchio represented the seller, Belleville28 LLC, in the transaction at 5-22 Carpenter Terrace. They also procured the buyer, a longtime Kislak client listed as Rodani Homes LLC, touting the appeal of the property’s on-site parking, value-add potential through future renovations and proximity to a mix of established homes and new development projects.
“As the exclusive listing broker, we were able to generate significant interest in the property and ultimately procured a buyer at a very aggressive price in today’s market,” said Scatuorchio, a senior vice president with Woodbridge-based Kislak. “This speaks to the continued demand for well-located, value-add multifamily properties, even in a shifting capital markets environment. We have had the opportunity to represent the buyer on previous acquisitions, and given his hands-on management style, I am confident this will be a successful addition to his growing portfolio.”
The firm added that the property near the Bloomfield and Nutley borders is just 15 miles west of Manhattan. Residents have quick access to NJ Transit’s Silver Lake light rail station and other mass transit options, plus several major highways.
“Other brokerage firms had the opportunity to market and sell this unique property but were unsuccessful,” said Weilheimer, a managing director with the firm. “Once Kislak was appointed as the exclusive listing broker, we effectively marketed the property and successfully completed the sale.”
