The Kislak Co. said it recently sold two properties with a total of 47 units in Irvington for $4,700,000. The adjacent properties include 15 Chester Avenue with 33 units and Springbrook Gardens at 628-630 Lyons Avenue with 14 units.
Kislak marketed the properties on an exclusive basis with executive vice president Joni Sweetwood handling the assignment on behalf of the sellers, D&L Tunis and Spring Brook Gardens. She also procured the purchaser, CY Management.
“This purchase is a homerun for the buyer. Rents are approximately forty percent below market plus there is a vacant lot with future potential next to the Chester Avenue property. The sellers were a longtime owner,” Sweetwood said.
Both properties are situated in established residential neighborhoods with close proximity to public transportation, major highways, retail shopping, and essential services, making them highly desirable for tenants. Tenants are responsible for gas and electricity.
The property at 15 Chester Avenue is an all-brick, elevator, 4.5-story building with 33 units. Located across from 15 Chester Avenue is the newly renovated Irvington Park with a community house and other facilities.
Springbrook Gardens at 628-630 Lyons Avenue is an all-brick 3.5-story building with 14 units and garage parking. The property is well-positioned along a key thoroughfare, providing excellent visibility and accessibility for commuters and residents.
Sweetwood also recently arranged the sale of a 64-unit property in Irvington at 28-52 Nesbit Terrace and 57-73 Park Place. The terms were not disclosed.
