Long Branch, NJ — The Kislak Company, Inc. announced the recent off-market sale of the Ocean Court by the Sea motel, which is located at 170 Ocean Ave., Long Branch, for $6 million.
The seller was St. Mary Developers LLC and the purchaser was an affiliate of Kushner, the diversified real estate organization headquartered in New York City. Kushner also owns the Pier Village complex, which is just north of Ocean Court by the Sea.
Kislak senior vice president Jeffrey Wiener and chief operating officer Jason Pucci arranged the off-market sale.
The oceanfront property is located at the corner of Ocean Ave. and Morris Ave. It spans eight-tenths of an acre and includes the 9,600 s/f motel that was built in 1958 and on-site parking.
“The property was a natural fit for Kushner given its oceanfront location next to Pier Village,” said Wiener. “Over the past 30 years, my colleagues and I have done more than 70 deals with Kushner and Jason and I were pleased to assist with their expansion in Long Branch.”
The seller was represented by Gerald Miller, Esq. of Miller, Meyerson & Corbo and the purchaser was represented by Alan Hammer, Esq. and Jeffrey Itzkowitz, Esq. of Brach Eichler, LLC.
In Jersey City, Kislak announced the $3.2 million portfolio sale of 18 residential units at 136 Grant Ave., and 9 residential units at 156 Grant Ave.
Kislak marketed the two properties on an exclusive basis and vice president Daniel Lanni represented both parties in the transaction, which had an accepted offer in less than 30 days.
“We represented the sellers on an exclusive basis to sell this desirable apartment portfolio in an emerging area of Jersey City,” said Lanni. “We received multiple offers from qualified investors and negotiated a full price offer with an aggressive 1031 exchange buyer.”
Financing was provided by New York Community Bank.
The properties consist of two solid, four-story brick buildings with new hardwood floors and appliances and renovated bathrooms with ceramic tiles. While the units at 136 Grant Ave. are comprised of one and two bedroom apartments, the units at 156 Grant Ave. host solely three bedroom apartments.
Located in the Bergen-Lafayette community, which is representative of many individual neighborhoods and sits only 1.5 miles from the heart of the city and major highways, the properties are situated just southwest of the downtown area of Jersey City.