WESTFIELD, NJ – Plans are underway for Westfield’s up-and-coming three-story apartment complex at the corner of West Broad Street and Rahway Avenue.
After more than 30 years of property ownership, Jeffrey Zoraian recently sold two lots, located at 339 W. Broad Street and 415 Rahway Avenue, to a large multifamily developer. While the Westfield Planning Board approved the apartment building project in April 2016, the sale of this location was finalized in March 2017.
According to New Jersey tax assessment records together the two lots were purchased from Zoraian on March 6 for a total of $3.5 million.
As stated by Redwood Realty Advisors, who represented both parties during the deal, the 31-unit complex is slated to include 18 one-bedroom apartments, 12 two-bedroom apartments and one three-bedroom apartment. On-site ground floor parking and close proximity to the train station are some of the amenities. Five of the rentals will be designated as affordable housing units.
“After an aggressive marketing campaign, investment associate Jeremy Wernick from Redwood Realty Advisors uncovered the buyer Zak Properties,” Thomas McConnell, managing partner at Redwood Realty Advisors revealed. “Zak Properties has already demolished the old buildings on-site. They plan on building The Parker as it was originally proposed.”
He went on to say that “Jeff Zoraian and his team did a phenomenal job designing this project and it will be a fantastic addition to Westfield.”
Demolition of the long-standing Westfield Auto Wash began at the beginning of May to make way for the next phase of this new apartment complex.