The Kislak Company, Inc. has announced the $4,700,000 sale of a 33-unit multifamily portfolio in Palisades Park, Bergen County.
The exclusive assignment was led by Kislak Senior Vice President Andrew Scheinerman, who represented the seller and procured the buyer. The transaction marks only the second time these properties have changed hands in roughly 80 years, with Kislak having brokered both transactions, including the previous sale to the seller more than four decades ago.
Portfolio breakdown & property details
The two-property portfolio consists of 33 total apartment units located in a high-demand Bergen County submarket:
- 110-112 West Central Boulevard: A 14-unit building featuring on-site laundry facilities, dedicated parking, garages, and tenant-paid gas heat through separately metered utilities.
- 71 East Palisade Boulevard: A 19-unit building featuring on-site laundry facilities and a floor plan predominantly consisting of one-bedroom units.
Across both sites, the unit mix includes 3 studio apartments, 28 one-bedroom apartments, 1 two-bedroom apartment, and 1 three-bedroom apartment.
Market dynamics & rapid sale
The portfolio was placed under contract in less than two weeks, driven by strong in-place cash flow, below-market rents, annual 4% contractual rent increases, and value-add potential via future vacancy decontrol.
“This was a particularly meaningful transaction since Kislak sold these properties to the seller more than 40 years ago, and we were honored to represent them again,” Andrew Scheinerman, senior vice president at Kislak, said. “Assets of this caliber and condition rarely become available in the Palisades Park market. We procured a qualified buyer in less than two weeks, a longtime client with whom I have completed more than 30 transactions. The sale price was at an aggressive sub-3% cap rate given the property’s tremendous upside potential.”
