Senior VP Lanni and commercial associate Soliman lead successful transactions
Middlesex & Hunterdon Counties, NJ — The Kislak Company, Inc. recently facilitated two notable transactions in Central NJ, showcasing the area’s vibrant real estate market.
In Middlesex County, Kislak announced the recent sale of a mixed-use property known as the Remington Rooming House at 377 Smith St. in Perth Amboy, for $2.4 million.
Kislak marketed the property on an exclusive basis with senior VP Daniel Lanni handling the assignment, and he also procured the purchaser, the Perth Amboy YMCA.
Lanni said, “I am proud to have facilitated the sale of this unique property, which highlights the vibrancy of the Perth Amboy real estate market and the interest in rooming houses as a viable, affordable housing option. The seller and purchaser, YMCA, were a pleasure to deal with. The sale price equated to a 6.6% cap rate, and Ocean First Bank was prompt and efficient with their handling of the financing.”
Built in 1910, the mostly renovated, three-story, brick building consists of 40 units with a retail store at ground level. The units consist of private bedrooms (some with private bathrooms) furnished with a twin-sized bed and a refrigerator. The building’s interior and exterior are equipped with security cameras that run 24/7. With a rooming house license, the property is operated in accordance with the Housing for Older Persons provisions of the Fair Housing Act.
A corner location in a safe, quiet neighborhood, the property is walking distance from the NJ Transit Train system and all major bus lines.
In Hunterdon County, Kislak facilitated the sale of Echo Hill Plaza, a 16,000 s/f mixed-use commercial retail and office building at 1128 Rte. 31 in Lebanon, for $1.275 million.
Kislak marketed the property on behalf of the seller with commercial sales and leasing associate Sara Soliman handling the assignment, and she also procured the purchaser. The parties were not disclosed.
“This was the buyer’s first acquisition of a building of this size, facilitated through an I.R.C Section 1031 exchange and supported by seller financing. The offering presented an attractive investment opportunity and although the process involved various complexities, we worked through them diligently to ensure a successful closing,” said Soliman.