71 East Palisade Blvd. in Palisades Park — Courtesy: The Kislak Co.
By Joshua Burd
The longtime owner of a 33-unit apartment portfolio in Palisades Park has sold the properties for $4.7 million, a broker with The Kislak Co. Inc. said this week.
According to a news release, the assets include a 14-unit building at 110-112 West Central Blvd. and another 19 units at 71 East Palisade Blvd. Kislak’s Andrew Scheinerman marketed the portfolio and procured the buyer, completing the deal after the properties were listed for the first time in decades.
“This was a particularly meaningful transaction since Kislak sold these properties to the seller more than 40 years ago, and we were honored to represent them again,” said Scheinerman, a senior vice president with the firm. “Assets of this caliber and condition rarely become available in the Palisades Park market. We procured a qualified buyer in less than two weeks, a longtime client with whom I have completed more than 30 transactions. The sale price was at an aggressive sub-3 percent cap rate given the property’s tremendous upside potential.”
Notably, the transaction represents only the second sale of the properties in some 80 years, with Kislak having brokered both, the firm said. The portfolio has significantly below-market rents, strong in-place cash flow, annual 4 percent rent increases and meaningful upside through vacancy decontrol.
Both buildings have on-site laundry facilities, Kislak added, noting that the West Central Boulevard property has on-site parking and garages, with separately metered utilities with tenants responsible for their own gas heat. Collectively, the assets have a mix of floorplans ranging from studios to three-bedroom layouts.
The portfolio also benefits from a region with strong rental demand, a high-income demographic profile and quick access to New York City. The George Washington Bridge, Interstate 95, Route 46 and mass transit options are all minutes away, bolstering a market with limited new multifamily construction and strong prospects for long-term appreciation.
