Printer Friendly

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. "
COPYRIGHT 2007 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
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
Previous Article:Exeter provides a new home for art group.
Next Article:Foundation raises $1.6m to help make kids dreams come true.

Related Articles
Sheldon Good to auction 230 tri-state properties.
Emmes and Company L.L.C.
Report: NJ apt market slowed.
Kushner buys new portfolio.
Satisfied tenants are the key to success at Simon Holdings.
New twist on major capital improvements.
Gerber/Somma scores 11-building sale deal.
$250m deal is tri-state's biggest 1031 exchange.
Quest to build a future sees Orbach hit the road running: Meyer Orbach, principal: The Orbach Group.
Lightstone sells six-center retail portfolio for $16m.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters