377 Smith St. in Perth Amboy — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The Perth Amboy YMCA has acquired a mixed-use rooming house property in Perth Amboy for $2.4 million, in a newly announced deal by The Kislak Co. Inc.
The brokerage team represented the undisclosed seller in the transaction at 377 Smith St., which it said is a mostly renovated, three-story brick building with 40 units and a street-level retail store. The units consist of private bedrooms, some with private bathrooms, furnished with a twin-sized bed and a refrigerator, while the property operates with a rooming house license and in accordance with the Housing for Older Persons provisions of the Fair Housing Act.
Kislak Senior Vice President Daniel Lanni handled the assignment and procured the buyer of what’s known as the Remington Rooming House. OceanFirst Bank arranged financing.
“I am proud to have facilitated the sale of this unique property, which highlights the vibrancy of the Perth Amboy real estate market and the interest in rooming houses as a viable, affordable housing option,” Lanni said. “The seller and purchaser YMCA were a pleasure to deal with. The sale price equated to a 6.6 percent cap rate, and Ocean First Bank was prompt and efficient with their handling of the financing.”
In a news release, Kislak said the building’s interior and exterior are equipped with security cameras that run 24/7. The property is also within walking distance of the city’s NJ Transit station and all major bus lines, as well as downtown Perth Amboy.