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Family sells-off final property from original 3,000 apartment portfolio.

The Kislak Company, Inc. recently completed the $26.9 million sale of Olde Forge West, a 123-unit apartment building located at Max Drive and Speedwell Avenue in Morris Township, New Jersey.

Jeffrey P. Wiener, president and co-managing director, brokered this sale on behalf of his long-time clients, Ronald and Anthony Giancristofaro. Robert J. Holland, senior vice president and co-managing director, represented the buyer, a large pension fund.

Olde Forge West is located in an upscale area of northern New Jersey, convenient to the vibrant downtown of nearby Morristown, New Jersey and within commuting distance of New York City. The apartment complex consists of one, two and three-bedroom units in colonial, garden-style buildings situated within park-like grounds.

The Giancristofaro's provided Wiener and The Kislak Company with the exclusive right to sell Olde Forge West. This investment sale transaction marks the final property to be sold that was originally part of a portfolio of over 3,000 apartments throughout New Jersey, Pennsylvania, California and Florida. The portfolio was owned for over 30 years by the Giancristofaro's.

"My long-term relationship with Ron and Tony is based on trust and loyalty, something that I personally pride myself on and one of the cornerstones of The Kislak Company1s success in the investment sales marketplace. It is not everyday that I encounter such nice, down-to-earth people. It was truly a pleasure getting to know them and working with them," said Wiener.

"Over the years, Kislak was instrumental in helping the Giancristofaro's buy and sell most of their multi-family portfolio.

"More recently, given the unprecedented demand in the market, we sold the majority of the portfolio. This has not only been a long-lasting friendship with the Giancristofaro's, but a great business relationship as well," he added.

"The Giancristofaro's were able to turn their first purchase of a nine-family cold-water flat in Jersey City into a significant portfolio of outstanding properties across the country. I am thrilled that we were a part of their success. "
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Title Annotation:NEW JERSEY
Comment:Family sells-off final property from original 3,000 apartment portfolio.(NEW JERSEY)
Publication:Real Estate Weekly
Date:Apr 4, 2007
Words:327
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