1571 Irving St. in Rahway — Courtesy: Newmark Associates
By Joshua Burd
An investor has acquired a mixed-use building in Rahway’s growing arts district, where it’s now weighing plans for new commercial space and residential units.
Jeannette Melillo, a broker who joined Newmark Associates last fall, represented both parties in the sale of 1571 Irving St. She noted that zoning for the 14,000-square-foot building allows for retail and restaurant, office and residential uses, paving the way for the buyer to open new retail units on the ground level and to convert the second level to residential units.
Terms were not disclosed.
“The property was attractive to investors, users and developers, resulting in multiple purchase offers,” said Melillo, a sales associate with Newmark Associates.
The Cedar Knolls-based firm detailed the transaction recently while announcing the addition of Melillo to its brokerage team. As a former leasing manager for a prominent New Jersey real estate company, she brings more than 20 years of experience in commercial real estate.
She will likely concentrate her business on Morris County, where she currently lives, and in her former home county of Essex.
“Jeannette excels at communication and specifically, negotiation skills — building strong, interpersonal relationships with clients and key business partners,” the firm wrote in its announcement. “Understanding client needs, and bringing creativity to fulfilling those needs, she is most appreciated by clients for her honesty and work ethic.”
Newmark noted that 1571 Irving St. was challenged by limited parking, but benefits from its proximity the Rahway train station, Route 1 and the Garden State Parkway. Melillo closed the transaction after receiving the referral for the property from a previous Newmark client.
