S.V.P. Jeff Squires Arranges Exclusive Sale of 10-Story Mixed-Use Downtown Property
Woodbridge, N.J., November 1, 2022 — The Kislak Company, Inc. announced the recent sale of Winfield Scott Tower, a 48-unit high-rise apartment building with 26,000 square feet of retail space at 323 North Broad Street in Elizabeth, Union County, New Jersey, for $6,200,000.
The property went into foreclosure years ago with ownership eventually transferred to a private lender. Kislak was retained by the lender, Winfield Scott Tower Urban Renewal Assoc., to market and sell the property on an exclusive basis with senior vice president Jeff Squires handling the assignment. He also procured the purchaser, The Magill Tower Urban Renewal, LLC.
Winfield Scott Tower was originally built in 1927 as a premier banquet hall and hotel tower and was later converted to subsidized housing and retail space in the 1990s. The ten-story tower houses 48 apartments with three elevator banks and a bustling 26,000 square-foot night club situated on one acre in the downtown city center. The property includes over 70 parking spaces and is located one block from the downtown train station.
“The sale of Winfield Scott Tower was a complex transaction because the sale involved the assumption of a PILOT agreement and in-place DCA financing,” commented Mr. Squires. “Kislak collaborated with the purchaser in order to obtain all special approvals at the municipal and state levels. Magill Real Estate is locally renowned for excellent property management and the firm is looking forward to establishing itself in one of the most iconic properties in Elizabeth.”
This is the second subsidized housing tower in Elizabeth that Mr. Squires has sold this year. In March, he and executive vice president Joni Sweetwood completed the sale of Elizabeth Towers, a 193-unit age-restricted property on West Grand Street for $14,300,000.
Winfield Scott Tower is located on North Broad Street, which consists of retail spaces, apartments and municipal buildings, 0.7 miles from City Hall, the Union County Courthouse and the Elizabeth Police Station, and 0.2 miles from the Elizabeth Train Station.
Mr. Squires joined Kislak in 2007 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. Consistently among Kislak’s leading salespeople, he received the firm’s 2008 Rookie of the Year award, 2012 Sima Kislak Jelin Salesperson of the Year award and 2014 and 2016 Producer of the Year award.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware and Florida.
Now in its 116th year, Kislak was among a select group of firms recognized as a 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition. For the second consecutive year, Kislak was named by NJBIZ as one of its Leaders in Real Estate, Construction and Design in New Jersey.