ROSELLE, NJ — The Kislak Company, Inc. announced the $5.3 million sale of a 35-unit apartment building at 533 East 2nd Avenue in Roselle.
Senior vice president, Joni Sweetwood, represented the seller, Teleflora Realty Group, LLC -- a long-time Kislak client – as well as the buyer, Goldcrest Properties, a new client.
Sweetwood commented: “Buyers are attracted to new construction and gut-renovated properties when there is a PILOT program in place, and this property had a 30-year PILOT program in place already.”
In New Jersey, Tax Abatement Programs provide for Payments in Lieu of Taxes or “PILOTs” to help with community growth and progress in areas most in need of redevelopment or rehabilitation, attracting commercial, residential or industrial development more easily to such areas. Under such programs, municipalities are authorized to grant developers exemptions from traditional property taxes for a set period of time to encourage property improvements or to locate a project in a distressed area.