INSIDE THE DEAL: Kislak Brokers Sale in New Jersey Market

By Keat Foong, Executive Editor Woodbridge, N.J.—The Kislak Company Inc. completed a $27.5 million sale in North Brunswick, N.J. “Even though residential real estate is in decline and the stock market is faltering, investors remain willing to trade multifamily properties and yield high returns in the process,” says Kislak vice president, Barry Waisbrod, who represented the seller. The property, Northwood Estates, was listed for $34 million and eventually negotiated down to $27.5 million. The owner, with whom Waisbrod said he have been in touch over the years, had passed away, and the property was being sold by the owner’s estate.  All units have private entrances and private basements. The 253 units include 17 townhomes and six ranches. There are separate utilities, and tenants pay for their own hear and electricity. Kislak represented both the seller and the buyer, a private investor, in the transaction. The property was placed on the market and there were about 10 bids for it, says Waisbrod. Northwood Estates, is located at 500 Adam Lane in North Brunswick. Owners tend to hold on to their properties in this blue-collar market, which is characterized by good access to employers, including Johnson and Johnson, major highways, commuter trains and buses, says Waisbrod. The property was originally built in the 1970s as a condo, but converted to apartments at the time, says Waisbrod. “Barry and I along with our other Kislak colleagues often work together,” says Jonathan Greenberg, Kislak vice president who represented the buyer. “Pooling our resources enables us to get deals done time and time again.”