Kislak Transacts $30M of Residential Real Estate in NJ Properties in Rahway & Bayonne Change Hands

The 160-unit SkyView Rahway condominium

Woodbridge-based commercial real estate brokerage firm The Kislak Company, Inc. sold several multifamily properties recently in New Jersey, according to the firm’s press releases and investor website www.ROI-nj.com.

Rahway Condos

Kislak exclusively marketed 160 condominium units at Skyview Rahway—originally built as Skyview at Carriage City Plaza in 2005—that sold to an undisclosed New York firm for $26.5 million. According to the firm’s release, Kislak Senior Vice President Barry Waisbrod procured the buyer; SVP Jeff Squires led the assignment.

According to ROI-nj.com, the seller is a New York City-based pension fund that provided the original construction financing, and which had taken ownership of the property after it went into foreclosure in the late 2000s. “After acquiring the foreclosed property, the lender halted condominium sales and rented the remaining unsold 160 units as apartments,” said Squires in a prepared statement. The release notes that the units—45 one-bedrooms, 102 two-bedrooms, and 13 penthouses—were fully leased at the time of closing. Squires added that “There was fierce demand from our clients, who were looking to acquire a sizable rental property in the heart of Rahway. With a bustling downtown, arts district and increasingly strong rental market, Rahway has become one of the most sought-after cities in the state among investors.”

The property, at 80 E. Milton Ave., also includes 20,000 square feet of commercial space and a hotel, as well as some individually owned condos, all of which were not included in the transaction. “The purchaser, who is based in New York, believes strongly in the central and northern New Jersey condo markets,” Waisbrod said in a statement. “Skyview was particularly attractive to them, given the property’s location, proximity to the train, design, and excellent condition.”

M&T Bank provided financing for the purchaser, according to ROI-nj.com.

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Comments

  • Does binding alternative dispute resolution over ride the condo docs? If the alternative resolution changes the shared common ground expenses does it have to be voted upon by the Association? Does it have to be adopted into the condo docs?