A development site at 184 Elm St. in Westfield has changed hands with approvals to build two stories with 10 apartments atop an existing 6,000-square-foot retail building. — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A developer has acquired a commercial building in downtown Westfield with approvals in place to add two stories with 10 apartments atop the existing structure.
According to The Kislak Co. Inc., which arranged the transaction, the property at 184 Elm St. consists of 6,000 square feet of retail space with an additional 6,000 square feet of rentable basement office space and on-site parking. A buyer listed as 184 Elm Street LLC now plans to build the approved residential component while leasing the remaining retail vacancy, the listing team said, further enhancing the asset’s long-term value.
Kislak Senior Vice President Tom Scatuorchio and Managing Director Matt Weilheimer represented the seller, Bronx Realty LLC, and procured the buyer in the $3.7 million sale.
“The deal presented many challenges due to the nuanced approvals and building design, which included a need to preserve the property for existing tenants,” Scatuorchio said. “As advisors for both clients, we were able to navigate through the obstacles to a successful closing. Given the excellent location and walking distance to the train station in downtown Westfield, there was tremendous interest in the site. Our buyers recognized this unique opportunity to develop a property in one of New Jersey’s premier downtowns.”
Located within walking distance of the Westfield train station and a host of businesses, restaurants and stores, the property benefits from one of New Jersey’s strongest downtown retail and residential markets, Kislak said. Its location provides convenient access to New York City while offering residents and businesses the amenities of a vibrant, walkable business district.
Existing retail tenants include Haven Savings Bank.
