The Kislak Company recently sold a 28-multifamily property at 5-22 Carpenter Terrace in Belleville for $4,700,000.
Kislak arranged the sale on an exclusive basis with Managing Director Matt Weilheimer and Senior Vice President Tom Scatuorchio handling the assignment on behalf of the seller, Belleville28. Kislak also procured the purchaser, Rodani Homes, LLC., a longtime client.
“As the exclusive listing broker, we were able to generate significant interest in the property and ultimately procured a buyer at a very aggressive price in today’s market. This speaks to the continued demand for well-located, value-add multifamily properties, even in a shifting capital markets environment. We have had the opportunity to represent the buyer on previous acquisitions, and given his hands-on management style, I am confident this will be a successful addition to his growing portfolio,” Scatuorchio said.
“Other brokerage firms had the opportunity to market and sell this unique property but were unsuccessful. Once Kislak was appointed as the exclusive listing broker, we effectively marketed the property and successfully completed the sale,” Weilheimer added.
The property features seven four-unit buildings, all situated on a single site, with on-site parking for 18 cars. Each section of four units is individually serviced by its own gas boiler and hot water heater. Seven of the units feature basements, offering additional value-add potential through future renovations. The property is surrounded by a mix of established homes and new development projects, further enhancing its long-term investment appeal.
Located in a quiet residential neighborhood near the Bloomfield and Nutley borders, the property offers a strong value-add opportunity in one of northern New Jersey’s most sought-after rental markets. Ideally positioned near the New Jersey Transit Light Rail Station at Silver Lake and only 15 miles west of Manhattan, the property benefits from easy access to mass transit, major highways, and continued regional development. The area is surrounded by several new and upcoming residential and commercial projects, contributing to its growing desirability.
