Massey Knakal Sells Mixed-Use Building In New Jersey
Massey Knakal Realty Service has sold a mixed-use building located at 46 South Park Place, between Dumont Place and South Street,in Morristown, New Jersey. The building was sold in a transaction valued at $1,375,000.
The subject property is a three-story, mixed-use building that is approximately 5,450 square feet. It consists of two commercial units and two residential units. The ground floor is approximately 2,325 gross square feet of retail space and is turn-key ready for a restaurant or coffee shop. The second floor features a front residential apartment with office space in the rear of the building, while the third floor features one currently occupied residential unit. The building, located in the center of the retail corridor and financial district of Morristown, benefits from a high volume of pedestrian and street traffic due to its proximity to the Morristown NJ Transit train station, as well as the local hospital, municipality buildings, and hotels.
“Bread and butter retail properties like this in New Jersey are in very high demand presently” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Director of Sales Kobi Leifer.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.