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The Kislak Company, Inc. finalizes $29 million sale of PLAZA 53 IN North Bergen, NJ




North Bergen, NJ — The Kislak Company, Inc. announced the recent sale of Plaza 53, a new luxury multifamily property, for $25.4 million. The transaction represented the completion of the development of a 2.32-acre parcel, the sale of which Kislak also handled in 2013 for $3.6 million. The total sale price was $29 million. Senior vice president Scott Davidovic represented the seller and developer, 1122 53rd Street Urban Renewal LLC, and president Robert Holland represented the purchaser, RK 53 Urban Renewal LLC. The property is a new five-story class “A” apartment complex with 122 units located at 1122 53rd Street in North Bergen, Hudson County, New Jersey. A wide choice of spacious floor plans are available for three units – one bedroom/one bath, one bedroom/den/two baths, and two bedrooms/two baths. Square footage ranges from 785 to 1,015 with monthly rents starting at $1,850 for the smallest units and upwards of $2,295 plus for the largest units. “Hudson County is among the hottest development markets, especially for multifamily properties, in the Tri-State Area,” said Davidovic. “The seller-developer capitalized on the demand for new luxury product, which many investors are seeking.”

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