WOODBRIDGE – The New Jersey market for existing multifamily properties and multifamily development sites is so hot you may need potholders to handle it.
Just ask Julie Gralla, vice president of The Kislak Company, a commercial real estate brokerage firm headquartered in the township. Gralla recently completed $49.2 million in New Jersey sales.
Gralla said the market is “hotter than ever. In terms of investing your money, there’s not a lot of places where you can get a safe return.”
And, compared with other investments such as the stock market, the returns in real estate stick around.
“Unlike the stock market, real estate cannot evaporate in a day. The return you get is unparalleled. There’s only a few comparable places where you can get a dollar-for-dollar return,” Gralla said.
The following multifamily properties and development sites were recently sold:
More than 130 units in Somerset County for $35,000,000
A 1.39-acre development site at 1000 North Ave. in North Plainfield for $5,250,000
Fifteen units at 532-538 East Front St. in Plainfield for $2,955,000
A 1-acre unapproved development site at 100-112 Main St. in Orange for $2,900,000
Sixteen units at 408-410 North Fifth St. in Newark for $1,200,000
Eight units at 96 Eaton Place in East Orange for $1,100,000
Eight units at 82-88 Watchung Ave. in North Plainfield for $800,000
All the properties were marketed by Kislak on an exclusive basis with Gralla handling the first five assignments, and Executive Vice President Joni Sweetwood handling the latter. Each purchaser was procured by Gralla, who specializes in the sale of multifamily and other investment properties in North and Central Jersey.
Approved for the development of 120 residential units, the 1.39-acre parcel of land at 1000 North Ave. in Plainfield is located directly next to the Netherwood Train Station.
The record high price of $197,000 per unit for the property on East Front Street in Plainfield demonstrates the continued strength of the multifamily market, as well as the company’s long-term relationships with aggressive purchasers, Gralla said.
The 1-acre parcel at 100-112 Main St. in West Orange, located in a transit-dense area, is situated at the heart of a prime redevelopment zone in Orange and will be a part of a 300-unit development.
Development deals are a passion for Gralla, who joined Kislak in 2011.
“I love to work to work on development deals because I love to contribute to the renaissance that’s occurring in the towns I’m working in,” Gralla said. “I like to see the improvement in these areas. and to see where raw land gets converted into a luxury building. I appreciate I get the opportunity to contribute to the renaissance.”
For more information about The Kislak Company, call 732-750-3000 or visit www.kislakrealty.com.
Email: [email protected]
Brad Wadlow is Community Content Specialist for MyCentralJersey.com.