140 East Centre St. in Nutley — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The longtime owners of a seven-unit apartment building in Nutley have sold it for more than $1.6 million, according to a listing team with The Kislak Co. Inc.
Tom Scatuorchio, a senior vice president with the brokerage firm, represented the seller and procured the buyer in the transaction at 140 East Centre St. He noted that the three-story brick structure houses seven large, well-maintained homes and one ground-level retail space, boasting a location that’s steps from restaurants, shops, schools, community amenities and Clara Maass Medical Center and minutes from major highways such as routes 3 and 21 and the Garden State Parkway.
Built in 1922, the property also has on-site parking and is within two to seven miles of multiple NJ Transit bus and rail lines that provide a less-than-30-minute to Manhattan.
“Our marketing process generated significant investor interest and multiple competitive offers,” Scatuorchio said. “Ultimately, this allowed us to achieve an excellent result for the seller. The purchaser proved to be the most capable and closed in a relatively short timeframe. The purchaser plans to make targeted improvements to the property while continuing to capitalize on the strength of the surrounding market.”
He added that the seller, listed as 140 East Centre St. LLC, had owned and operated the building for multiple generations and recently installed a new boiler and hot water heater. Yet it still provided a value-add opportunity for the buyer, East Centre Realty LLC, which paid $1.63 million for the property.
