Davidovic and Bortz of The Kislak Company complete $18.25 million sale

The Kislak Company, Inc., one of the dominant investment real estate sales firms in the tri-state region, arranged the $18.25 million sale of a 16,000 s/f portfolio of buildings. The portfolio includes 10 apartments and 10 retail spaces. Vice president Scott Davidovic represented the seller and vice president Janet Bortz represented the purchaser. At the time of closing, the property was 100% occupied. Financing was provided by Northfield Bank. The portfolio consists of adjacent properties on Washington, Newark and Court Streets in the historic section of Hoboken four blocks from the PATH station. The portfolio is located in one of the most desirable and fastest-growing residential and retail markets in the region known as the Gold Coast. The retail tenants, including Verizon Wireless, are located on a prime corner directly across from Hoboken city one block from a CVS, Office Depot and Starbucks. The residential units were converted to condominiums and several of them were recently gut-renovated. "After trying to sell the property on his own, the seller engaged Kislak on an exclusive basis to market and sell the portfolio, which enabled us to market it widely to local, regional and national investors," said Davidovic. "Given the demand for properties in Hoboken, the close proximity of the portfolio to the PATH station and lower Manhattan, there was extraordinary interest from a variety of investors. We achieved 96% of the asking price." "Scott, with the help of the entire Kislak team, marketed the property and produced many offers for the owner," said Robert Holland, president and co-managing director. "Janet Bortz, a 13-year Kislak ultimately produced a buyer with the highest offer who subsequently closed the deal." "The demand for real estate in Hoboken exceeds the supply of available properties," said Bortz. "The excellent location, high rents and long-term growth brought qualified buyers willing to pay lower cap rates." The seller was represented by Robert Matule, Esq. of Hoboken and the purchaser was represented by Edward Bortz, Esq. of Englewood Cliffs, NJ.