123 Milligan Place in South Orange — Courtesy: Sheldon Gross Realty
By Joshua Burd
The longtime owner of a 21-unit apartment building in South Orange has sold the property for $4.1 million, in a deal arranged by Sheldon Gross Realty and Berkadia.
Brokers say the two-story structure, located at 123 Milligan Place, is within walking distance of Seton Hall University and a host of downtown restaurants and cafes. It’s also a 10-minute drive from Interstate 78, the Garden State Parkway and the South Mountain Reservation, while residents have easy access to commuter rail service to Midtown Manhattan.
Sheldon Gross Realty President Marcy Gross and Controller Theresa Davies brokered the sale in conjunction with Berkadia Senior Director Nat Gambuzza and Director Tim Blashford. They did not disclose the names of the parties involved in the transaction.
“There’s currently a great deal of interest in acquiring apartment buildings as investment properties,” Gross said. “The trend certainly held in this case. The building was listed for $3.8 million, received multiple above-asking offers during the course of just one week and ultimately sold for a bit more than $300,000 beyond than the listing price.”
