Facebook Twitter LinkedIn Google Plus RSS

Kislak brokers sale of 119 units in East Orange

By ,
Gaia Grand, 650 Park Ave., East Orange.
Gaia Grand, 650 Park Ave., East Orange. - ()

Commercial real estate firm The Kislak Co. recently announced the sale of Gaia Grand and Gaia Renaissance in East Orange.

The firm’s Barry Waisbrod, senior vice president, and Joni Sweetwood marketed both properties on an exclusive basis and represented the buyer in the transaction.

“These were the sellers’ last multifamily properties in New Jersey,” Waisbrod said. “They marketed them previously with another firm, which did not meet their pricing expectations. We generated strong demand for the properties and acceptable prices.”

Gaia Grand, a 58-unit property with an office located at 650 Park Ave., sold for $10 million. Gaia Renaissance, located at 394 S. Harrison St., sold for $7.98 million, Kislak said in a news release.

Gaia Renaissance was constructed in 2005 and is comprised of 61 units.

“Easy access to mass transit and convenience are everything today,” Sweetwood. “East Orange is viewed as an inexpensive alternative to the New York City boroughs. There is significant redevelopment at both East Orange train stations, which is adding to city’s desirability.”

Both properties were purchased by a private investor based in New York.

More From This Industry

Mario Marroquin

Mario Marroquin


Mario Marroquin covers real estate. A native of El Salvador, Mario is bilingual in English and Spanish. He graduated from Penn State University and worked in Pennsylvania before moving to New Jersey. His email is mariom@njbiz.com.

Leave a Comment

test

Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
View Comment Policy

Comments

close