PALISADES PARK, NJ — The Kislak Company, Inc. announced the sale of 40 residential units in Palisades Park, Bergen County for $8.9 million. The properties are located at 55 and 57-61 Bergen Blvd.
Kislak marketed the property on an exclusive basis with senior vice president Robert Squires handling the assignment. Senior vice president Barry Waisbrod procured the purchaser.
Squires commented: “The demand for ‘value add’ apartment buildings in Bergen County is very strong. This particular complex was unique in that over 60% of the apartments are very large two bedrooms units. We generated a tremendous amount of interest in the offering and were able to close at nearly $225,000 per unit.”
Situated in a residential neighborhood, the two-story, brick buildings house 16 one-bedroom apartments at 55 Bergen Blvd., and 24 two-bedroom apartments at 57-61 Bergen Blvd. and include many capital improvements throughout with 10 units recently gut renovated. Both buildings have been very well-maintained. New air conditioning units, hardwood floors, and all new kitchens with stainless steel appliances were installed among other upgrades. On-site shared laundry and onsite and street parking are available.