55-61 Bergen Blvd. in Palisades Park — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has acquired 40 residential units across two properties in Bergen County, under a nearly $9 million deal arranged by The Kislak Co. Inc.
Brokers with the firm on Thursday announced the sale of 55 and 57-61 Bergen Blvd. in Palisades Park. Both are two-story brick buildings, Kislak said, noting that the latter benefits from recent gut renovations to 10 of its units.
Kislak senior vice presidents Robert Squires and Barry Waisbrod completed the $8.9 million transaction, representing the seller and the buyer, respectively.
“The demand for ‘value add’ apartment buildings in Bergen County is very strong,” Squires said. “This particular complex was unique in that over 60 percent of the apartments are very large two bedroom units. We generated a tremendous amount of interest in the offering and were able to close at nearly $225,000 per unit.”
The firm added that below-market rents were in place at the time of the sale, presenting the potential of a large upside in future revenue from the properties.
“The purchaser has been very active in the northern New Jersey market and plans to upgrade units and common areas, which will make the property very attractive to New York City commuters,” Waisbrod said.
Kislak also touted the building’s proximity to New York City and nearby retail and restaurants.
