By Joshua Burd
Nine apartment buildings in Hudson, Union and Middlesex counties are under new ownership after a series of recent transactions arranged by The Kislak Co. Inc.
In a news release, the brokerage firm said the 52 units within the portfolio traded for a combined price of about $6.827 million. The properties include:
- Six apartments and three commercial spaces at 1086, 1088 and 1090 Avenue C in Bayonne, which sold for $1.175 million
- Six apartments and two commercial spaces at 1055 Avenue C in Bayonne, which sold for $950,000
- Five residential units at 90 West 20th St. in Bayonne, which traded for $757,500
- Four apartments at 48 West 54th St. in Bayonne, which sold for $600,000
- Three residential units and one commercial space at 418 Avenue C in Bayonne, which sold for $600,000
- Four residential units and four commercial spaces at 1041 Louisa St. in Elizabeth, which sold for $1.045 million
- Eight residential units at 217-219 Hillside St. in Hillside, which sold for $800,000
- One residential unit and one commercial space at 476 Bloy St. in Hillside, which sold for $400,000
- Three residential units and one commercial space at 499 Amboy Ave. in Perth Amboy, which sold for $499,000
Kislak Vice President Tom Scatuorchio and Vice President Davis Briones marketed the Bayonne properties and represented the buyers, while Scatuorchio did so for the remaining buildings.
“It has been exciting to represent our valued clients on this project,” Scatuorchio said. “The sellers purchased the properties as part of a larger bank-owned portfolio just over a year ago. The portfolio included numerous distressed properties across many New Jersey markets.
“Given the nature of the initial portfolio acquisition, each deal presented its own unique complexities for marketing and sale. However, we quickly identified the right buyers for each property and generated multiple strong offers on all of them, and some of our marketing efforts resulted in bidding wars. These transactions exemplify the continued and increasing demand for investment real estate throughout New Jersey.”
The sales occurred between August 2021 and this month.
“This was a complex portfolio sale with multiple buyers, and I congratulate everyone involved,” Briones said. “The Bayonne real estate market continues to strengthen as investors search for value-add properties and development projects. The Bayonne market is among New Jersey’s most dynamic, with Class A, B and C occupancy rates near 100 percent and rents more than doubling over the past six years.”
