From left: 96 Jackson St. and 65 Lang St., both in Newark, and 442 John St. in East Newark — Courtesy: The Kislak Co. Inc.
By Tina Traster
A partnership has sold a three-building, 20-unit apartment portfolio in Newark and East Newark for nearly $3.2 million, according to a brokerage team with The Kislak Co. Inc.
In a news release, the firm said the portfolio includes eight units at 96 Jackson St. and six units 65 Lang St., both in Newark. The East Newark property is a six-unit building at 442 John St.
Kislak Vice President Julie Gralla represented the sellers, Jackson Street LLC, FKJ Realty Holdings LLC and 442 John Street LLC. She also procured the purchaser, MFP Realty, in the $3.15 million transaction.
“This was a challenging deal from the start primarily because of the rising interest rates, and the final contract was the third one on the portfolio,” Gralla said. “Fortunately, we overcame the challenges and secured a purchaser at an aggressive cap rate. We connected them with a bank that had a small pool of financing available at a relatively attractive interest rate and closed.”
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
