87-91 Market St. in Passaic — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A distinctive 13-unit apartment and retail building in Passaic has changed hands for $4.3 million, in a deal arranged by The Kislak Co. Inc.
Brokers with the firm represented the seller in the transaction at 87-91 Market St., a 28,000-square-foot structure built in 2009. The buyer, listed as 11 Pascack RE LLC, purchased the property for a price that equates to $330,769 per unit, which Kislak said represents the highest achieved for a multifamily or mixed-use property in Passaic since 2019, citing CoStar data.
The firm’s Daniel Lanni and Robert Squires, both senior vice presidents, handled the assignment on behalf of 87-91 Market Street Equities LLC, while also procuring the buyer.
“After the seller engaged us exclusively, we marketed the property and obtained the highest and best price for it,” Squires said, noting that trade represented a capitalization rate of more than 6.5 percent.
Kislak noted that the colorful, four-story building includes three apartments with three bedrooms and nine four-bedroom units. It’s also home to Metro PCS, which occupies the single ground-floor retail unit, and underground parking for 13 cars.
Additionally, the site is within a federally designated Opportunity Zone, making it eligible for potential tax advantages.
“In this challenging investment real estate market, the sellers knew if they wanted to close quickly and efficiently, they would need proper representation,” Lanni said. “By leveraging our market expertise and broad client database, we procured multiple offers and helped guide the process from the start through to a successful finish.”
