Winfield Scott Tower at 323 North Broad St. in Elizabeth — Courtesy: The Kislak Co. Inc.
By Tina Traster
A local operator has purchased a 48-unit apartment high-rise in Elizabeth for $6.2 million, in a newly completed deal by The Kislak Co. Inc.
The brokerage firm on Tuesday said it represented Winfield Scott Tower Urban Renewal Assoc., a private lender, in the transaction at 323 North Broad St. with Magill Tower Urban Renewal LLC. The sale of Winfield Scott Tower, which also has 26,000 square feet of retail space, comes after the building went into foreclosure, prompting the lender to take control of the nearly century-old property in recent years.
Kislak Senior Vice President Jeff Squires represented the seller and procured the buyer.
“The sale of Winfield Scott Tower was a complex transaction because the sale involved the assumption of a (payment in lieu of taxes) agreement and in-place (Department of Community Affairs) financing,” Squires said. “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.”
Winfield Scott Tower, built in 1927 as a banquet hall and hotel tower, was later converted to subsidized housing and retail space in the 1990s, according to a news release. The 10-story property houses 48 apartments with three elevator banks and a 26,000 square-foot night club on one acre in the downtown city center, offering 70 parking spaces and a location one block from the downtown train station.
The deal follows the March sale of Elizabeth Towers, a 193-unit age-restricted property on West Grand Street, for $14.3 million, in a deal also brokered by Squires and Kislak Executive Vice President Joni Sweetwood.
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.