Woodbridge, NJ — The Kislak Company, Inc. announced the recent bulk sale of 46 units at Tudor Court, a cooperative with a total of 85 units, at 800-822 North Broad Street in Elizabeth, Union County, for $5.2 million.
Kislak marketed the units, which represent a majority of the cooperative, on an exclusive basis with senior vice president Janet Bortz and executive vice president Joni Sweetwood handling the assignment. They also procured the purchaser, a longtime Kislak client who purchased the units on an all-cash basis. The parties were not disclosed.
Bortz said, “Within two weeks of the seller engaging us on an exclusive basis, we procured a Bergen County-based buyer who proceeded at the asking price. The large units with below market rents offer excellent upside potential for the purchaser.”
Sweetwood added: “Selling 46 co-op apartments within a larger building is much more complex than selling a traditional 46-unit building. However, by working with Janet Bortz and Jeffrey Itzkowitz of Brach Eichler, we were able to seamlessly resolve issues that stemmed from the transactional complexities.”
Tudor Court is a an all brick, garden style cooperative property located in the desirable North Broad residential section of Elizabeth conveniently located near NJTransit, shopping, and Kean University. The seller operated the units as rentals, which were historically fully occupied with a waiting list.
Janet Bortz joined Kislak in 2002 and is a leading producer at the firm, and in New York’s Hudson Valley where she specializes in the sale of investment properties including multifamily, retail, office, and industrial assets.
Joni Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople consistently ranking as a top producer each year. She has won numerous sales awards, including the Sima Kislak Jelin Salesperson of the Year award.
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