440 North Ave. in Westfield — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has purchased a 10-unit luxury apartment building in downtown Westfield for $4.8 million, in a newly announced deal by The Kislak Co. Inc.
According to a news release, the transaction at 440 North Ave. East equates to the town’s highest price per unit achieved for a multifamily property with at least 10 units in at least 10 years. It’s also the highest price per unit achieved in Union County since 2023, the listing team said, citing data available from CoStar.
Kislak Managing Director Jeff Squires represented the seller, 440 North Avenue East LLC, and procured the buyer.
“We had tremendous interest from our investor clients and received several competitive offers within the first week of marketing the property,” Squires said. “The building ultimately sold for full asking price to an investor completing a 1031 exchange.”
Completed last year, 440 North Ave. East includes eight market-rate and two affordable units. Amenities include a fitness center, a resident business lounge, a package room, a dog run and washing station, outdoor grilling and patio areas and electric vehicle charging stations.
Kislak added that residents have easy access to Westfield’s vibrant business district, rail service to Manhattan and top-rated school system. The surrounding area has strong demographics, with the average household income within a one-mile radius exceeding $220,000.
