490 Tremont Ave. in Orange — Courtesy: The Kislak Co. Inc.
By Joshua Burd
Two apartment buildings in Orange with a combined 34 units have changed hands for $3.75 million, following a recent deal brokered by The Kislak Co. Inc.
The firm on Tuesday announced the sale of 490 Tremont Ave., which has 26 units, and 580 Forest St., which is home to seven live-work artist lofts. Kislak Senior Vice President Joni Sweetwood represented the seller, while Sales Associate Julie Gralla represented loyal repeat client in its purchase of the properties.
“Orange is an extremely attractive market for both landlords and tenants,” Sweetwood said. “For landlords, the demand for apartments and the ability to raise rents annually by as much as (5 percent) on existing tenants and go to ‘market rent’ on turnovers makes Orange a tremendous market in which to invest.
“Tenants love the conveniences of Orange including its quick and easy direct train service to New York City.”
Kislak said a bidding war took place for the Tremont Avenue property, a three-and-a-half-story, all brick apartment building, which is a sign of the demand for Essex County multifamily properties despite rising interest rates.
“Working with the purchaser could not have been easier and I look forward to closing many more transactions together,” Gralla said. “I am excited to see how he will transform 490 Tremont and continue the upkeep on the beautiful Manhattan-style lofts on Forest Street.”
The seven-unit building on Forest Avenue was a brick firehouse converted in 2012 to artists’ lofts and studio apartments in the Valley Arts District, surrounded by restaurants, music and theater venues and close to the Midtown Direct train line, Kislak said. All but one unit has a private outdoor gallery, with a lobby curated by tenant artists to display their work monthly.
Attorney Jonathan Mehl represented the buyer, while Oritani Bank provided the financing.