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Brokerage
Posted: November 28, 2023
Koenig of Kislak Company sells 29-unit
multifamily property for $3.4 million
Spring Valley, NY The Kislak Company, Inc. negotiated the off-market sale of a 29-unit multifamily property at 15 West Funston Ave. for $3.4 million.
Kislak arranged the sale with sales associate Gregory Koenig handling the assignment on behalf of the seller, and he also procured the purchaser. The parties were not disclosed.
Built in 1962, the property is a three-story brick garden apartment building situated on three quarters of an acre. It includes 29 units, eight garages and on-site parking. The units mix includes 19 one-bedroom apartments and 10 two-bedroom apartments.
Koenig said, “The purchaser owns nearby and was eager to add this property to his portfolio. The sale represents an exceptional performance by him in an especially challenging market.”
The property is located in a residential neighborhood five miles north of the New Jersey border and 22 miles north of Manhattan.
Financing was provided by TD Bank.
Koenig joined Kislak in 2020 and specializes in the sale of multifamily and other investment properties in the lower Hudson Valley and was awarded the company’s Rising Star Award in 2021. His recent investment sales total more than $50 million.
Rockland County is a strong rental market with a limited number of multifamily property options despite an increasing population. As of the 2020 U.S. census, the county’s population was 338,329, making it the state’s third-most densely populated county outside New York City after Nassau and neighboring Westchester Counties.
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