234 51st St. in West New York — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has acquired a West New York apartment building that had been damaged in a fire and is planning a full renovation of the property, according to The Kislak Co. Inc.
In a news release Tuesday, the firm said it represented a longtime client in the sale of 234 51st St., a 25-unit rental property with one ground-floor retail space. The property traded for $1.625 million.
Kislak Vice President Andrew Jonas represented the seller, while Vice President Don Baxter represented the purchaser, an area investor-developer who is also a repeat client for the firm.
The sale follows a five-alarm fire in 2015 that forced the evacuation of the five-story brick building, but resulted in no injuries. The former owner engaged Kislak to market and sell the property after completing preliminary renovations.
“Given the building’s location and tremendous potential, we generated very strong interest from clients and investors from throughout North Jersey and New York City, which culminated in a bidding war,” Jonas said in a prepared statement. “The apartment market in West New York is extremely strong and this sale presented an opportunity to develop and own an effectively new building in the heart of the city, only minutes from Manhattan.”
The purchaser intends to complete a full renovation of the property, the news release said.
“Educated investors familiar with this area understand the outstanding opportunity due to the location and rent potential in one of the most densely populated areas of the country,” Baxter said. “This particular sale demonstrates how much value remains in renovations.”
The transaction was all cash and the contract called for no due diligence.
“Given what transpired with the building, its condition and total vacancy, the transaction provided an array of challenges,” said Jason Pucci, chief operating officer. “Andy and Don worked diligently with both parties to resolve each issue that arose.”
