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Kislak Finalizes Sale of Luxury Rentals in North Bergen
The Kislak Company closed the circle on a North Bergen, NJ development that began with a $3.6-million parcel sale that Kislak arranged in 2013. The newly developed Plaza 53 luxury rental apartment complex sold for $25.4 million.
Kislak SVP Scott Davidovic represented the seller and developer, 1122 53rd Street Urban Renewal LLC. Robert Holland, Kislak’s president, represented the purchaser, RK 53 Urban Renewal LLC.
“Hudson County is among the hottest development markets, especially for multifamily properties, in the tri-state area,” said Davidovic. “The seller-developer capitalized on the demand for new luxury product, which many investors are seeking.”
In particular, Holland noted, “North Bergen is an extremely strong market, given its population and proximity to New York City and points throughout northern New Jersey. This sale presented an opportunity for the purchaser to acquire a new luxury apartment building in the heart of the city.”
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- ◦Sale/Acquisition
