A 12,000-square-foot restaurant, bar and banquet space located in the heart of downtown Nutley complete with liquor license was sold for $1.6 million, according to a Wednesday announcement from the Kislak Co.
Kislak marketed the property, the former Franklin Steakhouse at 238 Franklin Ave. in Essex County, on an exclusive basis, with Vice President Julie Gralla handling the assignment. Gralla also procured the purchaser.
“The high level of interest for this landmark restaurant property was more than I could have predicted,” stated Gralla. “I only wish I had more properties like this to sell. It was a pleasure to represent both parties and I am very excited for what is to come for this restaurant and all of those involved.”
The two-story brick building includes approximately 4,000 square feet per floor and an additional 4,000-square-foot finished basement with restrooms, an office, storage, butcher prep room, a keg room and coolers. The first floor has a chef’s kitchen and bar with restaurant seating and the second floor is a banquet space with a dance floor as well as a smaller bar, prep room and bathrooms. Capital improvements include a gut-renovated first floor with updated restaurant equipment, HVAC system units, new rubber roof and a heavy-duty commercial hot water tank. Municipal parking is available behind the property.
