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Kislak completes $18.25M sale of multiple buildings in Hoboken

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One of the locations on Newark Street.
One of the locations on Newark Street. - (The Kislak Co.)

Woodbridge-based real estate sales firm The Kislak Company Inc. announced Monday the $18.25 million sale of a 16,000-square-foot portfolio of buildings in Hoboken.

The portfolio includes 10 apartments and 10 retail spaces on Washington, Newark and Court streets in the Gold Coast area of Hoboken, according to the press release.

Scott Davidovic, vice president, represented the seller and Janet Bortz, vice president, represented the purchaser, the release said.

“After trying to sell the property on his own, the seller engaged Kislak on an exclusive basis to market and sell the portfolio, which enabled us to market it widely to local, regional and national investors,” said 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 percent of the asking price.”

According to the announcement, the seller was represented by Robert Matule, Esq. of Hoboken and the purchaser was represented by Edward Bortz, Esq. of Englewood Cliffs.  At the time of the closing, the property was 100 percent occupied, the company said.  Financing was provided by Northfield Bank.

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Emily Bader

Emily Bader

Emily Bader is the copy and web editor at NJBIZ. She is a Brielle, N.J. native and a Rutgers University alum. You can contact her at emilyb@njbiz.com or @emilybader on Twitter.

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