15 Chester Ave. (left) and 628-630 Lyons Ave. in Irvington — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has purchased a two-building, 47-unit apartment portfolio plus vacant land in Irvington for $4.7 million, in a newly announced deal by The Kislak Co. Inc.
According to a news release, the deal includes 33 rentals at 15 Chester Ave. and another 14 at the adjacent Springbrook Gardens, at 628-630 Lyons Ave. Both brick buildings are part of what Kislak described as an established residential neighborhood that is close to public transportation, major highways, retail and essential services, making them highly desirable for tenants.
The firm’s Joni Sweetwood represented the seller, operating as D&L Tunis LLC and Spring Brook Gardens LLC, and procured the buyer, CY Management LLC.
“This purchase is a homerun for the buyer,” said Sweetwood, an executive vice president with Kislak. “Rents are approximately 40 percent below market plus there is a vacant lot with future potential next to the Chester Avenue property. The sellers were a longtime owner.”
According to the firm, 15 Chester Ave. is a four-and-a-half-story, elevator-served building located across from the newly renovated Irvington Park with a community house and other facilities. Springbrook Gardens, meantime, rises three and a half stories and has garage parking, boasting a location along a key thoroughfare with strong visibility and accessibility for commuters and residents.
Sweetwood also recently arranged the sale of a 64-unit property in Irvington at 28-52 Nesbit Terrace and 57-73 Park Place, the terms of which were not disclosed.
