Kislak completes $32.77m sale of the gateway in downtown South Orange, NJ
SOUTH ORANGE, NJ —The Kislak Company, Inc. announced the recent $32.775 million sale of The Gateway, a new highly-acclaimed transit-oriented development with 57 luxury apartments and 9,000 s/f of class A retail space in downtown South Orange, Essex County. The property is located immediately west of the South Orange train station at 9 West South Orange Ave., approximately 18 miles from Manhattan.
Completed in 2014, the property includes nine one-bedroom apartments, 48 two-bedroom apartments, three ground floor retail spaces and on-site parking. At the time of closing, the property’s apartments were fully occupied. Two of the retail spaces were occupied and the third retail space was recently leased to a new tenant. Kislak marketed the property on behalf of the sellers and longtime Kislak clients, EEA Industries, LLC and Soundview Real Estate Partners, and their affiliates, South Orange Commons Tenant, LLC and South Orange Commons III Urban Renewal, LLC. Senior vice president Joni Sweetwood represented the sellers and Sweetwood and sales associate Julie Gralla represented the purchaser, a private investor and longtime Kislak client. With a per unit price well over $500,000, the sale of The Gateway exceeded the previous record for the highest sale price per unit for an apartment building in all of Essex County by more than $100,000 per unit according to data available from CoStar.“From start to finish, this was an extraordinary project and sale,” said Edward Ayuso II, the founder and principal of EEA Industries.”
“The Gateway was truly a transformative project for South Orange Village,” said Sweetwood. “For years prior to Ed’s involvement, the site was a long-shuttered car dealer. It sat vacant and in disrepair, negatively impacting the west side the Village.”