533 East 2nd Ave. in Roselle — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A 35-unit apartment building in Roselle has changed hands for $5.3 million, following an investment sale brokered by The Kislak Co. Inc.
In a news release, the firm said it represented Teleflora Realty Group LLC in its sale of 533 East 2nd Ave., which sits at the border of Elizabeth. Goldcrest Properties acquired the complex, with Kislak touting the appeal of the property’s in-place payment in lieu of taxes agreement.
Kislak Senior Vice President Joni Sweetwood handled the assignment, which also included representing the purchaser.
“Buyers are attracted to new construction and gut-renovated properties when there is a PILOT program in place, and this property had a 30-year PILOT program in place already,” Sweetwood said.
The property is a four-and-a-half-story brick elevator building with 32 one-bedroom and three two-bedroom renovated units, Kislak said. The firm also highlighted the building’s location near Warinanco Park, an expansive green space offering lake activities, an ice-skating rink and multiple playing fields and trails.
“With 28 years remaining on the tax PILOT program at a $15,000 fixed, annual rate payment, the buyer will continue to maintain the property in pristine condition and increase rents,”
Arnold Budin was the buyer’s attorney and Chaim Dahan represented the seller, Kislak said, with Meridian Capital Group using Arbor as provider of agency financing.