Sales Associates Tom Scatuorchio and Michael Kossak Orchestrate Sale
Woodbridge, N.J., November 29, 2018 – The Kislak Company, Inc., announced the sale of a mixed-use building in Nutley, New Jersey with seven residential units and five retail spaces at 381 Centre Street for $1,885,000.
Kislak marketed the property on an exclusive basis with sales associate Tom Scatuorchio handling the assignment. Sales associate Michael Kossak represented the purchaser. Both the seller and purchaser are private investors.
“This is the second sale that I handled for this longtime owner,” said Mr. Scatuorchio. “After discussions about the evolving market and potential interest rate increases, the owner recognized it was an ideal time to sell. Our marketing efforts generated a great deal of interest among investors, and ultimately the owner proceeded with the purchaser that had submitted the highest and best offer.”
“When we market a quality building like this one in a desirable town such as Nutley, we attract significant interest from investors,” added Mr. Kossak. “This purchaser was familiar with the area, the town’s rent control and knew there was value to be added through renovations and subsequent rent increases. Thus, he was able to buy the building at an aggressive price.”
The three-story, corner brick building in the center of Nutley’s downtown business district houses five retail units consisting of a custom tailoring shop, a bridal store, two eateries and a nail salon at the street level. These retail spaces have never been vacant since the building first opened.
Above, on the second and third floors, are a mix of one-, two- and three-bedroom apartments for a total of seven residential units, which are well-maintained and contain new water boilers. A brand new oil tank services the entire building. The roof is maintained by the owner of a cell phone antenna atop the building.
Adjacent to two municipal parking lots, the property is within walking distance to schools, parks and shopping with a bus stop directly outside. A shuttle bus available through the Parks & Recreation Department reduces traffic, easing the commute for local residents. Available weekdays for a small fee, the Nutley “Jitney” provides access to Delawanna Station, located in Clifton, which offers commuters rail transit to Penn Station in New York City. Downtown Nutley is conveniently located only one mile from the Garden State Parkway and 12 miles from Manhattan.
Consistent, long term full occupancy at the property is reflective of a stable rental and retail market in this area in close proximity to New York City – a value add opportunity for the buyer investor.
Tom Scatuorchio joined Kislak in 2016, specializing in the sale of retail and multifamily investment properties in Morris and Essex counties. In 2017 he was awarded Kislak’s Rising Star award. Michael Kossak also joined the firm in 2016 and similarly specializes in the sale of investment properties in Essex County.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage 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 36 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 112th year, Kislak was among a select group of firms recognized as a 2017 Power Broker by CoStar Group, Inc. and this was the firm’s eleventh consecutive recognition.