A rendering of The Parker, a planned 26-unit development project in Westfield — Courtesy: Redwood Realty Advisors
By Joshua Burd
A multifamily builder has paid $3.5 million to acquire a fully approved development site in downtown Westfield, in a transaction arranged by Redwood Realty Advisors.
The brokerage firm, which represented both parties in the deal, said the property at 339 West Broad St. is entitled for a three-story, 26-unit apartment project with five affordable units. The corner property is the former home of the Westfield Auto Wash and is within walking distance to the Westfield train station.
Redwood Realty said Wednesday that the buyer, which it only identified as a large multifamily developer based in New Jersey, has razed the existing building and plans to start construction immediately on what will be known as The Parker. Jeremy Wernick represented both the buyer and the seller, Jeff Zoraian.
“This was a rare opportunity to acquire a fully approved development site in an affluent community,” said Thomas McConnell, managing partner at the Hasbrouck Heights-based firm, “and the strong interest we received on this property speaks to the city’s red hot development market.”
He added that the deal attracted multiple bidders who wanted to acquire the downtown, transit-oriented site, which can accommodate on-site parking.
“Seller Jeff Zoraian did an incredible job recognizing a higher and better use for the property and guiding the project through the laborious city approval process,” said Wernick, an investment associate at Redwood Realty.