M id A tlantic Real Estate Journal — New Jersey — July 23 - August 19, 2021 — 3B
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N ew J ersey
UTLEY & MAPLE- WOOD, NJ — The Kislak Company, Sweetwood procures buyer for Maplewood, NJ luxury apartments totaling $7.6 Million Kislak's Gralla leads assignment for landmark restaurant on Franklin Ave. in Nutley, NJ N
in the market, which is also a longtime client. Commenting on the transac- tion, Sweetwood said: “This is superior quality construction in a desirable transit-oriented location. The purchaser will do well with this property, and it complements the other nearby properties in their portfolio. The Alivia is a four-story, luxury, elevator apartment building with 20 units, garage parking and several amenity areas. Completed in 2019 with condo-quality finishes, the building includes 10 one-bed- room units, nine two-bedroom units and one three-bedroom
unit. Eighteen of the units are market rate and two of them are affordable. Apartment highlights in- clude balconies in select units, modern kitchens and bath- rooms with heated floors and spa showers, full size washers and dryers, large walk-in clos- ets, and a central vacuum sys- tem. Tenants are responsible for all utilities except water. Amenities include a state- of-the-art fitness center, on- site office, luxurious lounge with outdoor space, gated and covered parking, a virtual con- cierge and security system, and storage lockers. MAREJ
Inc. was re- cently named the exclusive sales agent for the for- mer Franklin Steakhouse, a 12,000 s/f restaurant , b a r , a n d b a n q u e t space located in the heart of downtown Nut l ey at 238 Franklin Ave. The prop- erty, which i nc l ude s a
Julie Gralla
238 Franklin Avenue in Nutley, NJ
Joni Sweetwood
liquor license, is a two-story brick building with 4,000 s/f per floor and an additional 4000 s/f finished basement with a chef’s kitchen, an office and bathrooms. The first floor has a bar with restaurant seat- ing plus banquet space with a dance floor located on the second floor. Capital improve- ments include a gut-renovated first floor with updated restau- rant equipment, HVAC system units, new rubber roof, and a heavy-duty commercial hot wa- ter tank. Municipal parking is available behind the property. Vice president Julie Gralla is handling the assignment on behalf of the property owner. “This landmark restaurant space brought in $2.7 million in income per year prior to the pandemic and will be the future success of a restauran- teur or developer,” said Gralla. “This is a unique opportunity for a discounted investment, which includes a highly valu- able liquor license.” The asking price is $1.6 mil- lion. In other Kislak news, the company announced the recent sale of The Alivia, a newly- constructed 20-unit luxury apartment building located at 479 Valley St. in Maplewood, Essex County for $7.6 million. Kislak marketed the prop- erty on an exclusive basis on behalf of the builder and seller, 479 Valley Road, LLC, an affiliate of a longtime client, with executive vice president Joni Sweetwood handling the assignment. Sweetwood also procured the purchaser, Sunblossom Alivia 479, LLC, an affiliate of a locally based owner with a strong presence
EXCLUSIVE PROPERTIES FOR SALE
East Orange, NJ 80-Unit Portfolio Joni Sweetwood ext 273
Asbury Park, NJ 49-Unit Portfolio Daniel Lanni ext 248
Hackensack, NJ 17 Townhomes Daniel Lanni ext 248
Long Branch, NJ 6 Units + 1 Retail Daniel Lanni ext 248
Paramus, NJ 3,080 SF Retail Davis Briones ext 370
Holmdel, NJ 12± Acres for Redevelopment Matt Weilheimer ext 253
The Kislak Company, Inc. | kislakrealty.com | 732 750 3000
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