By Robert Holland, The Kislak Company, Inc.
The winds of change are full of surprises, but at Kislak we have learned to successfully navigate challenges with patience and persistence. Before making predictions about the new year, it’s important to assess recent performance and accomplishments. After a 2023 that tested everyone in the real estate profession, Kislak gained substantial momentum in 2024. Our successes grew steadily month by month, culminating in high notes in November and December and an overall stronger year.
We closed 81 sales for and 30 leases for nearly $500 million. This sales volume represents a 110% increase over 2023 – an extraordinary accomplishment given the continued challenges in the market and interest rate fluctuations. Kislak continued to arrange and close significant deals and produce impressive transaction statistics.
According to CoStar and their entry of 2024 New Jersey multifamily sales, Kislak was the #1 buyer broker and #3 seller broker. Some highlights include the single largest sale of a multifamily property in Essex County since 2022, the largest multifamily sale in Atlantic City in at least the past 10 years, and the highest price per unit achieved for a multifamily property in Point Pleasant and all of Ocean County.
Calculations are still being finalized, but some notable 2024 numbers include:
• 3,100+ multifamily units sold in NJ, PA, CT, MD, OH, and NM
• 800,000+ s/f commercial properties sold in NJ, PA, and CT
• 100,000+ s/f commercial space leased in NJ and PA
Now in its 119th year, Kislak knows what it takes to prevail and remain influential – we became influencers decades before the dawn of social media. We have always adapted to the times, and for us, technology is a nice augmentation to our business practices. Making and closing a great deal requires a great broker – especially in difficult times. It’s the in-person service and assistance that set Kislak apart. Successful real estate transactions require human expertise and connections – not just texts, emails, or AI.
Kislak professionals knock on doors, make personal calls and in-person visits, scouring the market and analyzing the opportunities that will have value for buyers and sellers. We serve as our clients’ eyes and ears and keep them informed. The Kislak name and track record are recognized and remembered, and that is why we are now working with second, third and even fourth generations of clients.
The practical and financial benefits of renting enhance multifamily real estate’s status as a highly desirable investment. For people of all ages – from 20-somethings to empty nesters – renting has appeal, resulting in strong occupancy and collections. The reliable and comparatively low risk returns of multifamily property draw and keep investors year after year after year.
Kislak is multidimensional and makes the most of unique opportunities in its commercial sales and leasing division. With companies and employees continuing to redefine priorities and expectations, there are evolving demands for office, warehouse, and retail space throughout New Jersey.
The company has also increased its multifamily brokerage presence in Florida. This expansion is a natural complement to Kislak’s Northeast multifamily brokerage business as so many of our clients own or want to own in Florida or are part-time residents there.
Our successes at Kislak are collaborative successes. Supplementing the well-informed and proactive sales force is a support team of highly skilled administrative, marketing and research professionals who provide the detailed and timely data and communications critical for clients’ decision-making. It’s our goal to help ensure our clients are prepared and informed as we put together deals that serve our buyers, sellers and communities well.
We begin every year with optimism and 2025 is off to a great start. With the fluctuation in interest rates and varying price expectations, we are positioned to shine. What we do best is get deals on the market, match the sellers and buyers, and follow through with all the details required for successful closings. The entrepreneurial spirit is alive and well at Kislak. No day is the same, but every day we patiently work through the details, and persist in solving problems. It’s what we have done since 1906. It’s what we do today. And what we’ll do tomorrow.
Robert Holland is president of The Kislak Company, Inc.
Holland joined Kislak in 1984 and became president in 2012. Consistently, among the leading brokers of apartment buildings in central and eastern Pennsylvania, Holland is one of Kislak’s all-time leading salespeople with sales totaling more than $3 billion. MAREJ