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Kislak brokers sale of 77 units in Elizabeth

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The Kislak Company Inc. has brokered the sale of North Park Towers, a 77-unit, multifamily residential complex in Elizabeth, for $7.55 million.

The buyers and sellers were not disclosed.

The five-and-a-half story brick complex was fully occupied at the time of closing, and is located in the Westminster section of Elizabeth. It features a mix of studio and large one- and two-bedroom units.

The sale price was twice the amount of what it was acquired for in 2012, Jeff Squires, senior vice president of Kislak, said.

“We have seen the demand for multifamily properties in the New York City metro area skyrocket over the past few years,” Squires, who marketed the complex, said in a prepared statement. “The owner of North Park Towers awarded Kislak with an exclusive listing to sell the property and we generated tremendous interest from local and national investors. Ultimately, we procured a purchaser in less than 30 days at near full asking price.”

In an unrelated sale last month, Kislak brokered the sale of the Gaia Grand and Gaia Renaissance complexes in East Orange for a combined price of more than $18 million.

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Vince Calio

Vince Calio

Vince Calio covers health care and manufacturing for NJBIZ. You can contact him at vcalio@njbiz.com.

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