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Big demand for Hoboken portfolio: Kislak Company Inc.

The Kislak Company, Inc. announced the $18,250,000 sale of a 16,000 s/f portfolio of buildings in Hoboken.

The portfolio includes 10 apartments and 10 retail spaces. Vice president Scott Davidovic represented the seller and vice president Janet Bortz represented the purchaser.

The portfolio consists of adjacent properties on Washington, Newark and Court Streets in a section of Hoboken four blocks from the PATH station. The retail tenants include Verizon Wireless and the apartments were converted to condominiums and several of them were recently gut-renovated.

According to 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."

The seller was represented by Robert Matule, Esq. of Hoboken and the purchaser was represented by Edward Bortz, Esq. of Englewood Cliffs, NJ.

At the time of closing, the property was 100% occupied. Financing was provided by Northfield Bank.
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Title Annotation:SELLING POINTS
Comment:Big demand for Hoboken portfolio: Kislak Company Inc.(SELLING POINTS)
Publication:Real Estate Weekly
Date:Apr 16, 2014
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