The Park Street corridor’s investment appeal remains firm as ICON Real Estate Advisors announced Wednesday the $2.575 million sale of a 26-unit multifamily property at 76 E. Park Street.
The transaction represents a full-circle moment for ICON Managing Partner David Oropeza, who acted as the broker for both the buyer and the seller. Oropeza’s history with the asset runs deep; he originally represented the selling family when they first acquired the property over 20 years ago.
The property is a classic example of the “garden-style” apartment architecture that characterizes much of East Orange’s residential landscape. Situated on a 0.38-acre site, the two-story building offers residents high-value proximity to regional transportation hubs, making it a staple for commuters traveling into Newark and New York City.
“Having represented the family in their acquisition of the property more than 20 years ago, it was especially meaningful to guide this transaction to completion,” said Oropeza. “We were pleased to once again advise them and deliver a successful outcome on their behalf.”
The transaction saw the title pass from East Park St LLC to the purchasing entity, 76 E Park St LLC. On the legal front, the seller was advised by Khoren Bandazian, Esq., of the prominent New Jersey law firm Giordano, Halleran & Ciesla P.C.
The sale of 76 E. Park Street is part of a broader trend of “stabilized asset” trades in Essex County. While new Class-A high-rises are garnering headlines, well-maintained garden-style buildings continue to be the backbone of the local investment market, offering predictable cash flow and lower turnover in a high-demand rental environment.
Property Snapshot:
- Address: 76 E. Park Street, East Orange
- Units: 26
- Sale Price: $2.575 Million
- Lot Size: 0.38 Acres
- Asset Class: Multifamily Garden-Style
