Tudor Court at 800-822 North Broad St. in Elizabeth — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A portfolio of 46 apartments at a cooperative property in Elizabeth has changed hands for $5.2 million, in a newly announced deal by The Kislak Co. Inc.
In a news release, the brokerage team said it represented the seller and procured the buyer in the all-cash transaction at 800-822 North Broad St. The agents noted that the homes represent a majority of the 85-unit cooperative known as Tudor Court, a brick garden-style property in Elizabeth’s North Broad section.
Kislak Senior Vice President Janet Bortz and Executive Vice President Joni Sweetwood handled the assignment for the Woodbridge-based firm, noting that the seller has operated the units as rentals. The parties were not disclosed.
“Within two weeks of the seller engaging us on an exclusive basis, we procured a Bergen County-based buyer who proceeded at the asking price,” Bortz said. “The large units with below-market rents offer excellent upside potential for the purchaser.”
The brokers added that Tudor Court residents are close to NJ Transit, retail and Kean University.
“Selling 46 co-op apartments within a larger building is much more complex than selling a traditional 46-unit building,” Sweetwood said. “However, by working with Janet Bortz and Jeffrey Itzkowitz of Brach Eichler, we were able to seamlessly resolve issues that stemmed from the transactional complexities.”
