1300-1306 Palisade Ave. in Union City — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has acquired 60 units in northern Hudson County for a combined $10 million, in a pair of newly announced transactions by The Kislak Co. Inc.
According to the brokerage firm, the deals include the $6.15 million sale of a 44-unit building at 1300-1306 Palisade Ave. in Union City. The second building, a 16-unit property at 6112-6114 Palisade Ave. in West New York, traded for $3.85 million.
Kislak Senior Vice President Don Baxter represented the sellers with a referral from Danny Handweiler, a senior managing director with Raven Property Advisors in New York City, and procured the buyer. He also brokered the sale of 128 St. Pauls Ave., a six-unit building in Jersey City, for $1.1 million under a similar arrangement.
“Despite rising interest rates, demand for multifamily properties in Hudson County remains very strong especially for properties with upside potential,” Baxter said. “The Jersey City building is prime for renovation and rental growth. The Union City and West New York buildings are on a main thoroughfare in Hudson County, and the Union City building was particularly attractive given its 40-plus unit size. The West New York building was built in 2010 and also includes below-market rents.”
In announcing the deals, Kislak noted that all three buildings are in thriving locations with strong rental demand close to mass transit.
“As with all of our recent sales, financing was key,” Baxter added. “Today’s market requires a collaborative team effort. The mortgage broker Elliot Treitel of Meridian Capital, our mutual clients, the purchasers, the attorneys and the referral broker Danny Handweiler worked tirelessly to close these sales.”