Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Four Buildings in New Jersey and Pennsylvania Coming to Market


Massey Knakal Realty Services has been retained on an exclusive basis to sell four buildings, three in New Jersey and one in Pennsylvania. The buildings are located at 8-10 Lexington Ave in Passaic, NJ, 28 West Park Place and 46 South Park Place in Morristown, NJ, and 1232 Chestnut St in Philadelphia, Pa.

8-10 Lexington Ave is a four-story commercial building located on the east side of Lexington Avenue between Jefferson St and Madison St in Passaic, NJ. The building resides on a lot area of 5,800 square feet with a total gross square feet of 15,000. The subject property currently has one tenant on the ground and second floors, with the upper floors vacant. Its close proximity to St. Mary’s Hospital and Passaic High School ensure that the property benefits from a high volume of pedestrian and street traffic.

28 West Park Place is located on the south side of Washington St, between Bank St. and Market St. It is a 4,978 gross square feet three-story mixed-use building. Situated in the center of the retail corridor and financial district of Morristown, NJ, less than a mile away from the NJ Transit train station, local hospitals, and hotels, it benefits from high foot traffic. The ground floor is currently leased, while the upper floors can be delivered vacant and are in perfection move in condition for an office tenant.

46 South Park Place is on the south side of South Park Place, between Dumont Place and South Street in Morristown, NJ. The subject property is a three-story mixed-use building with a total gross square feet of 5,450 and four total units. The ground floor consists of a 2,325 sq retail unit that is currently leased out to a restaurant operator. A residential unit and office space occupy the second floor, while the third floor is comprised of one residential unit that is currently being leased.

1232 Chestnut St. is located in Philadelphia, PA, on the southeast corner of Chestnut and South 13th St. The building is a seven-story, 15,750 sq mixed-use building that features 12 residential units above two retail units. The subject property resides in Philadephia’s Midtown Village, an area that features some of the city’s trendiest and avant-garde boutiques and eateries. The two retail units, Grocery, a small gourmet market and caterer center, Jamonera , a Spanish tapas and wine bar, both exemplify this trend. In addition, the 12 apartments are all light-filled, airy loft-style, one-bedroom units. These properties are available individually with separate asking prices on each building. For more information on this listing, contact Chairman Bob Knakal or Sales Team Manager Jonathan Hageman at 212.696.2500.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.

06/11/2012 - 10:14


Cushman & Wakefield Capital Markets Group New York

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