The Kislak Company on Thursday announced the $3.7 million sale of a prime downtown Westfield retail property approved for mixed-use redevelopment.
Located at 184 Elm Street in Union County, the 6,000-square-foot single-story retail building sits on a high-demand site featuring an additional 6,000 square feet of rentable basement office space and on-site parking. The property is fully approved for the construction of two additional stories containing ten market-rate apartments above the existing structure, which currently houses tenants including Haven Savings Bank.
Senior Vice President Tom Scatuorchio and Managing Director Matt Weilheimer arranged the exclusive sale on behalf of the seller, Bronx Realty LLC, and procured the purchaser, 184 Elm Street LLC.
“The deal presented many challenges due to the nuanced approvals and building design, which included a need to preserve the property for existing tenants,” Scatuorchio said. He noted that the site’s prime location within walking distance of the Westfield train station, local restaurants, shops, and across from Trader Joe’s generated tremendous market interest.
The new ownership group plans to build the approved apartments while leasing the remaining retail vacancy to maximize the property’s long-term value in one of New Jersey’s premier walkable downtown markets.
