ICON Real Estate Advisors announced the $5.3 million sale of 351 West Clay Avenue, a modern 16-unit mixed-use property located in Roselle Park.
ICON Director Ben Susskind successfully represented both the buyer and the seller in the transaction. The property was acquired by a private investor utilizing a 1031 exchange to complete the purchase.
- Property Overview: Built in 2022, the elevator building features 14 oversized two-bedroom residences, two occupied retail spaces, and convenient covered parking.
- Overcoming Complexities: Originally constructed as condominiums, the asset presented unique tax considerations. ICON worked closely with both parties to navigate these challenges and ensure an on-time closing.
“This was a transaction that required open dialogue and close coordination between both sides,” Susskind said. “The property’s history as a condominium development created some unique complexities that needed to be worked through during the process. Ultimately, everyone remained focused on the deal’s core objectives, which allowed us to navigate those issues and close smoothly and on schedule.
