The basics:
The Kislak Co. Inc. closed out 2025 and kicked off the new year with several transactions across multifamily and mixed-use properties.
Leading the activity, the Woodbridge-based commercial real estate brokerage arranged the $20 million sale of Hampshire Terrace in Monmouth County.
Located at 108 Riverview Ave., the garden apartment complex features 80 units. According to Kislak, referencing data from CoStar, the sale marks the largest multifamily deal in Neptune City over at least the past decade.
The firm exclusively marketed the property. President Robert Holland represented the seller, Elliot Leibowitz of Hampshire Associates LP. Senior Vice President Daniel Lanni procured the unnamed buyer.
It follows another record-making multifamily transaction arranged by Kislak. Earlier this month, the brokerage announced recording one of the largest sales in the sector here in 2025, a $90 million off-market deal in Union County.
The two-story Neptune City complex features 56 one-bedroom and 24 two-bedroom units across several brick buildings. Recent renovations include remodeled kitchens with stainless-steel appliances, dishwashers and built-in microwaves, Kislak said. Hampshire Terrace offers a location with quick access to Garden State Parkway and Interstate 195, along with Routes 18, 33 and 35.
Small-town Neptune City also offers easy access to more recognizable shore towns, like Belmar and Asbury Park.
Shore thing
In Asbury Park, Kislak arranged the recent sale of a 10-unit apartment building for $2.3 million.
Located at 1222-1230 1st Ave., Kislak exclusively marketed the property. Senior Vice President Robert Squires joined Lanni on the deal, representing the seller, 1222 First LLC. The buyer was not disclosed.
According to Kislak, the $230,000 per unit price tag represents the highest per unit price for a multifamily property at the beach town in more than a year. “We achieved a record price per unit by marketing the property widely and generating multiple offers. The property had previously been on the market with another broker, but our strategic approach created the competitive edge necessary to get it sold,” Lanni said.
The 6,336-square-foot property sits on 0.245 acres and offers on-site parking. A value-add opportunity for the buyer, the property recently underwent more than $250,000 in capital expenditures. The two-story building features five one-bedroom and five two-bedroom units, each with separate utilities.
The property sits about 10 blocks from the Asbury Park boardwalk.
“This was a textbook example of how strong relationships and expertise drive results,” Lanni said. “The buyer understood the property, committed to a purchase early in our process, and closed efficiently. It was exactly the kind of outcome we strive to deliver.”
Hunterdon County
On Jan. 23, Kislak announced arranging the sale of a mixed-use business center in Flemington for $4.83 million.
Located at 194 State Route 31, the Hunterdon County space features both medical and retail spaces.
The firm marketed the 15,232-square-foot property exclusively. Lanni represented seller P-2 Real Estate Associates LLC, and procured the unnamed buyer. He described the process as competitive.
“Given strong interest and multiple offers, we secured an all-cash buyer at a price that exceeded the initial market indicators,” he said. “Achieving this result without financing contingencies provided certainty to the seller of a fast and efficient closing.”
Built in 2006, the Flemington property houses a bank and three medical facilities. It features abundant parking. Kislak said all tenants have triple net leases, offering more stable income for the landlord and more control to tenants for property-related expenses.
Beyond high visibility and frontage along Route 31, the property sits across from Hunterdon Medical Center. Interstate 78, the Flemington Circle, and Routes 202 and 22 are also minutes away.
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