347 Park Ave. in Orange — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has purchased a nine-unit apartment building in Orange for $1.5 million, in one of several newly announced deals by The Kislak Co. Inc.
Don Baxter, a senior vice president with the brokerage firm, represented an undisclosed seller and procured the buyer in the trade of 347 Park Ave., according to a news release. He noted that the property consists of three- and four-bedroom units in a four-story brick building, in a location convenient to mass transit.
Baxter also procured the buyer of a multifamily and retail property at 7300 Broadway in North Bergen, which changed hands for $1.2 million, while Kislak Sales Associate Max Levinston represented the seller. The property includes two recently renovated apartments, the brokers said, along with three retail spaces and two billboards.
Additionally, Kislak brokered the sale of a site in Newton that includes an 8,360-square-foot Rite Aid building at 237 Spring St. and a neighboring vacant 9,000-square-foot commercial building with redevelopment potential at 4 Union Place, the news release said. Baxter represented the seller in the $1.04 million deal, while Kislak and Vice President Davis Briones procured the purchaser.
In Weehawken, Baxter arranged the off-market sale of a five-unit multifamily property at 174 Highwood Ave. The property, which sold for $995,000, includes five renovated apartments.
The veteran broker also represented the seller of a six-unit multifamily property at 136 East 9th St. in Passaic, which traded for $810,000. Kislak Vice President Michael Kossak procured the buyer.
“Sellers are taking advantage of a ‘perfect storm’ with these recent sales — a climate tempered by a lack of inventory coupled with relatively low interest rates,” Baxter said. “Investors who waited during the pandemic have cash to place in safe investments such as these. Conversely, those who purchased during the pandemic have assets that have already appreciated.”