Press Release brought to you by The Kislak Company, Inc.

KISLAK ARRANGES $6 MILLION SALE OF LONG BRANCH, N.J. MOTEL

10/12/2017

KISLAK ARRANGES $6 MILLION SALE OF LONG BRANCH, N.J. MOTEL
 
Oceanfront Property south of Pier Village Trades Off-Market 
 
Woodbridge, N.J.
, October 12, 2017 – The Kislak Company, Inc. announced the recent off-market sale of the Ocean Court by the Sea motel, which is located at 170 Ocean Avenue, Long Branch, New Jersey, for $6,000,000.

The seller was St. Mary Developers LLC and the purchaser was an affiliate of Kushner, the diversified real estate organization headquartered in New York City. Kushner also owns the Pier Village complex, which is just north of Ocean Court by the Sea.

Kislak senior vice president Jeffrey Wiener and chief operating officer Jason Pucci arranged the off-market sale.

The oceanfront property is located at the corner of Ocean Avenue and Morris Avenue. It spans eight-tenths of an acre and includes the 9,600-square-foot motel that was built in 1958 and on-site parking.

“The property was a natural fit for Kushner given its oceanfront location next to Pier Village,” said Wiener. “Over the past 30 years, my colleagues and I have done more than 70 deals with Kushner and Jason and I were pleased to assist with their expansion in Long Branch.”

The seller was represented by Gerald Miller, Esq. of Miller, Meyerson & Corbo and the purchaser was represented by Alan Hammer, Esq. and Jeffrey Itzkowitz, Esq. of Brach Eichler, LLC.

Wiener joined Kislak in 1973, was the firm’s president from 1995 to 2011 and remains active in a senior sales and advisory capacity.  Since joining Kislak, he has sold over 200 apartment buildings, shopping centers and office buildings valued at more than $3 billion.

Pucci joined Kislak in 2006 and is responsible for the management of the firm’s operations. He is also involved in many of Kislak’s transactions in a strategic advisory role. Since joining Kislak, the firm has closed more than 1,100 transactions valued at more than $4 billion.

About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 30 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.

Now in its 111th year, Kislak was among a select group of firms recognized as a 2016 Power Broker by CoStar Group, Inc. and this was the firm’s eleventh consecutive recognition. 

10/12/2017 - 00:00

Source

The Kislak Company, Inc.

Want more news about The Kislak Company, Inc.? Click here