Kislak Co. sells 110 condos in union city, nj for $13m
UNION CITY, NJ — The Kislak Company, Inc. announced the recent sale of 110 condominiums at The Lenox in Union City, Hudson County, for $13 million. Vice president Barry Waisbrod represented both parties in the off-market transaction. “There is continued strong demand among investors for multifamily properties in Union City, as well as greater Hudson County, given the area’s large population, proximity to New York City and very low vacancy rates,” said Robert Holland, president. “Barry did an excellent job facilitating this off-market sale, and the closing occurred very quickly – within 30 days of contract execution.” The Lenox is a 300-unit luxury high-rise condominium located on Central Ave. Residents enjoy easy access to New York City with bus service available directly across the street from the building. Hoboken and Manhattan are only minutes away. Amenities include onsite parking, a 24-hour doorman, childcare and fitness centers, and a landscaped courtyard. Units have energy efficient air conditioning, crown molding and gourmet kitchens featuring steel appliances, granite countertops, maple cabinetry, and porcelain tile. Over the last 10 years, the building has undergone numerous improvements including a roof replacement, installation of a new rooftop water tank, elevator upgrades, hallway renovations, new balcony doors, exterior brick pointing, security cameras, and a central station hardwired fire alarm system. “The purchaser felt strongly about the Union City market,” said Waisbrod. “Union City has a high percentage of renters and its proximity to New York City typically results in near zero vacancy rates. This was an attractive long term investment with upside.” Union City, with an area of approximately 1.3 miles is the most densely-populated city in the United States, and its density is nearly twice as high as that of New York City.