Kislak Company completes nine multifamily sales and three retail leases

The Kislak Company, Inc. has completed nine separate multifamily transactions throughout N.J. The transactions included ten properties comprising a total of 217 units valued at $12.48 million. Kislak also handled the leasing of three retail spaces in N.J. and Pennsylvania. "The Kislak sales team continues to close multifamily transactions in and around New Jersey at a strong pace and these transactions demonstrate the continued demand in the market," said Jeffrey Wiener, president and co-managing director. "We are experiencing a steady increase in demand among investors especially since last year. We are working with both existing clients looking to increase their portfolios and new investors looking to assemble a portfolio." "The New Jersey multifamily market remains very strong for a number of reasons," said Robert Holland, senior vice president and co-managing director. "The market has always attracted investors given its population density, job market and proximity to New York City and Philadelphia. Demand is also up because multifamily vacancy rates are low, interest rates are very low, and the stock market remains volatile. And with a likely increase in the capital gains tax rate next year, more and more investors are getting out of other investments and into multifamily properties." Kislak's sales occurred throughout N.J. In the northern portion of the state, eight properties were sold in seven separate deals. *VPs Jonathan Greenberg and Don Baxter handled the $1.8 million sale of 18 units on Hudson Ave., West New York and the $800,000 sale of 12 units on Ocean Ave., Jersey City. * Senior VP Joni Sweetwood and VP Robert Squires handled the $1.35 million sale of 25 units on Mount Prospect Ave., Newark. * Sweetwood also handled the $1 million sale of 25 units on Prospect St., East Orange and on behalf of a court-appointed receiver the $830,000 sale of two properties with 24 units on Elmwood Ave. and Halsted St., East Orange. * Squires also handled the $1.2 million sale of 16 units on Paulison Ave., Passaic. In central N.J., two properties were sold in separate deals. * VP Barry Waisbrod handled the $1.9 million sale of 21 units on West Side Ave., Perth Amboy. * VP Matt Weilheimer and sales associate Joseph Keenan handled the $700,000 sale of 22 units on Myrtle Avenue in Neptune. In southern New Jersey, Sweetwood also handled the $2,900,000 sale of 54 units on Browning Lane in Brooklawn. Kislak also handled the leasing of over 4,500 s/f of retail space in shopping centers in N.J. and Pennsylvania. Squires leased 1,628 s/f in Wayne, N.J. and Wiener led Kislak's efforts with the leasing of 1,600 s/f in Hanover, PA and 1,320 s/f in Paramus, N.J.