643-715 East Front St. in Plainfield — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private buyer has purchased a 70-unit garden apartment complex in Plainfield for $17.5 million, in a newly announced transaction by The Kislak Co. Inc.
Brokers say the property, Stony Brook Gardens, is a cluster of two-story buildings at 643-715 East Front St. Completed in 1961, the property benefited from more than $500,000 of upgrades that were completed prior to the off-market sale.
Kislak Executive Vice President Joni Sweetwood and Vice President Julie Gralla represented both parties, which are longstanding clients of the brokerage firm. They noted that the buyer required no due diligence or financing contingency at signing of the non-contingent contract.
“The sale, at a record-setting $250,000 per unit for older construction, low cap rate and incredibly strong terms, are a testimony to the strength of the market and our close, long-term client relationships,” Gralla said. It was the perfect match for both buyer and seller.”
Located within a mile and a half of banks, restaurants, shops and supermarkets, the property is minutes from two commuter rail stations, parks and recreational facilities, along with Route 22 and Interstate 78.
