Kislak sells mixed-use building in Nutley for $1.89M

The Kislak Company Inc. announced Thursday the $1.89 million sale of a mixed-use building in Nutley.

The three-story property located at 381 Centre St. has seven residential units and five retail spaces, Kislak said. The retail units include a custom tailoring shop, a bridal store, two eateries and a nail salon.

Kislak marketed the property exclusively with Tom Scatuorchio, sales associate, handling the assignment. Michael Kossak, sales associate, represented the buyer. Both the buyer and seller were undisclosed private investors.

“This is the second sale that I handled for this longtime owner,” Scatuorchio said. “After discussions about the evolving market and potential interest rate increases, the owner recognized it was an ideal time to sell.  Our marketing efforts generated a great deal of interest among investors, and ultimately the owner proceeded with the purchaser that had submitted the highest and best offer.”

“When we market a quality building like this one in a desirable town such as Nutley, we attract significant interest from investors,” Kossak said. “This purchaser was familiar with the area, the town’s rent control and knew there was value to be added through renovations and subsequent rent increases. Thus, he was able to buy the building at an aggressive price.”