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Kislak brokers sale of 119 units in East Orange

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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.

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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.

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