The Woodbridge-based Kislak Co. Inc. on Tuesday said it recently sold the Winfield Scott Tower in Elizabeth for $6.2 million.
Located at 323 N. Broad St., the 48-unit high-rise apartment building with 26,000 square feet of retail space went into foreclosure years ago, with ownership eventually transferring to a private lender.
Kislak was retained by the lender, Winfield Scott Tower Urban Renewal Associates, to market and sell the property on an exclusive basis, with Senior Vice President Jeff Squires handling the assignment. He also procured the purchaser, the Magill Tower Urban Renewal LLC.
Winfield Scott Tower was originally built in 1927 as a premier banquet hall and hotel tower, and was later converted to subsidized housing and retail space in the 1990s. The 10-story tower houses 48 apartments with three elevator banks and a bustling 26,000-square-foot night club situated on 1 acre in the downtown city center. The property includes over 70 parking spaces and is located one block from the downtown train station.
“The sale of Winfield Scott Tower was a complex transaction because the sale involved the assumption of a PILOT agreement and in-place DCA financing,” commented Squires. “Kislak collaborated with the purchaser in order to obtain all special approvals at the municipal and state levels. Magill Real Estate is locally renowned for excellent property management, and the firm is looking forward to establishing itself in one of the most iconic properties in Elizabeth.”
Winfield Scott Tower is located on North Broad Street, which consists of retail spaces, apartments and municipal buildings, 0.7 of a mile from City Hall, the Union County Courthouse and the Elizabeth Police Station, and 0.2 of a mile from the Elizabeth Train Station.