6B — November 18 - December 22, 2022 — Central New Jersey — M id A tlantic Real Estate Journal
www.marej.com
C entral N ew J ersey
LIZABETH, NJ — The Kislak Company, Inc. announced the recent Senior VP Jeff Squires arranges exclusive sale of 10-story mixed-use downton property Kislak sells historic Winfield Scott Tower in Elizabeth, New Jersey for $6.2 Million E
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 assign- ment. 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 con- verted 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 s/f night club situated on one acre in the downtown city center. The property in- cludes over 70 parking spaces and is located one block from the downtown train station. “The sale of Winfield Scott Tower was a complex trans- action because the sale in- volved the assumption of a PILOT agreement and in- place DCA financing,” said 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 subsi- dized housing tower in Eliza- beth that 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 prop- erty on West Grand St. for $14.3 million. Winfield Scott Tower is located on North Broad St., which consists of retail spaces, apartments and municipal buildings, 0.7 miles from City Hall, the Union County Court- house and the Elizabeth Police Station, and 0.2 miles from the Elizabeth Train Station. Squires joined Kislak in 2007 and specializes in the sale of multifamily and oth- er 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 Sales- person of the Year award and 2014 and 2016 Producer of the Year award. About The Kislak Co., 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 leader- ship 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 in- vestors and owners, partner- ships, financial institutions, and REITs. The firm’s thirty- five professionals provide com- prehensive 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 Co- Star 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, Con- struction and Design in New Jersey. MAREJ
sale of Win- field Scott Tower, a 48- unit high-rise apartment building with 26,000 s/f of retail space at 323 North Broad Street
Jeff Squires
in Elizabeth, Union County, New Jersey, for $6.2 million. The property went into foreclosure years ago with ownership eventually trans-
Winfield Scott Tower ferred to a private lender. Kislak was retained by the
EXCLUSIVE PROPERTIES FOR SALE
Allentown, PA 24 Loft-Style Units + 8 Units To-Be-Completed Robert Holland ext 285 Matt Wolf ext 237
Atlantic City, NJ 12 Residential Units + 3 Retail Units Frank Traettino ext 238
Guttenberg, NJ 9 Units + 1,200 SF Retail Thomas Scatuorchio ext 255 Michael Salomon ext 243
West Orange, NJ 3 Buildings | 13,647 SF Mixed-Use Jeff Squires ext 246 Joni Sweetwood ext 273
Bloomfield, NJ 2 Residential Units + 2 Retail Units Tom Scatuorchio ext 255
South Plainfield, NJ 28,300 SF Retail/Office Max Levinston ext 308
The Kislak Company, Inc. | kislakrealty.com | 732 750 3000
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