North Park Towers at 584-600 Salem Ave. in Elizabeth — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A fully occupied, 77-unit apartment building in Elizabeth has changed hands for more than $7.5 million, in a sale brokered by The Kislak Co. Inc.
The brokerage firm said Tuesday that it represented the seller in marketing the property, North Park Towers, located at 584-600 Salem Ave. The building is one of the largest free-market buildings in the city, Kislak said, noting that the complex traded for about double the price it was purchased for less than five years ago.
“We have seen the demand for multifamily properties in the New York City metro area skyrocket over the past few years,” said Jeff Squires, a senior vice president with the Woodbridge-based firm. “The owner of North Park Towers awarded Kislak with an exclusive listing to sell the property and we generated tremendous interest from local and national investors. Ultimately, we procured a purchaser in less than 30 days at near full asking price.”
Squires handled the sale on behalf of the seller, while Kislak Vice President Rob Squires procured the buyer.
“Properties like this are extremely challenging to acquire,” Rob Squires said. “There are so many buyers and so few sellers. Once we identified the buyer, the deal moved swiftly to closing and both buyer and seller were pleased with the outcome.”
Located in the Westminster section of Elizabeth, the five-and-a-half-story brick apartment building includes a mix of studio and one- and two-bedroom units. The property is in close proximity to two train stations that provide direct access to New York City.
“Each time the property trades, the new ownership will seek ways to enhance the value through capital improvements and increasing the rental income,” Jeff Squires said.