223 Prospect St. in East Orange — Courtesy: ICON Real Estate Advisors
By Joshua Burd
The longtime owner of a 58-unit apartment complex in East Orange has sold it for nearly $8 million, in a newly announced deal by ICON Real Estate Advisors.
According to a news release, the transaction at 223 Prospect St. marks the first trade of the property in more than 30 years. That helped ensure that the 79-year-old complex was carefully maintained and in excellent condition, the brokerage team said, citing the appeal of its proximity to NJ Transit commuter rail service on the Morris & Essex Line.
ICON managing partners David Oropeza and David Jarvis represented the seller, MCM Associates LLC, and the buyer, Justin Square LLC, in the $7.95 million transaction.
“Properties with long ownership histories and careful stewardship often attract buyer interest,” Oropeza said. “We were pleased to represent both parties and execute a transaction aligned with their respective objectives.”
