Prime Morristown Development Site Sells for $4.9 Million

Marcus & Millichap has announced the sale of 25 Market Street in Morristown for $4.9 million. The property is located in a prime live-work-play downtown area, just half a mile from the Morristown Train Station and steps from The Green.

Jason Petrick and Chez Eider of Marcus & Millichap’s New Jersey office exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor. Legal representation for the transaction included Frank Vitolo and Ivette Alvarado of Sills, Cummis & Gross P.C., and Nicholas Racioppi, Jr. of Riker Danzig LLP.

“Iconic New Jersey towns, such as Morristown, will always be in demand despite the high inflation/interest rate market,” said Petrick. “Ultimately, we produced numerous offers with multiple site scenarios from a broad range of developers. We are excited to play a small part in transforming the downtown Morristown skyline.”

According to public records, the property was previously owned by Sunstone Hotels Morristown LLC, which acquired it in November 2018. This sale reflects the increasing investment interest in Morristown’s downtown area.

According to Marcus & Millichap, 25 Market attracted interest from a wide range of developers, each evaluating various potential uses. Through a structured, multi-stage marketing process, Petrick and Eider generated numerous offers, including as-is and contingent deals, allowing the seller to assess multiple paths forward.

“Development transactions in today’s market require a well-structured process with maximum exposure to uncover the best opportunities for a seller,” said Eider. “By casting a wide net, we engaged a diverse range of developers, providing the seller with multiple paths forward and securing the strongest outcome in one of the nation’s highest-income markets.”

The sale comes amid ongoing development momentum in downtown Morristown. Notably at 45 Market Street, a mixed-use project featuring dozens of new apartments and nearly 20,000 square feet of retail space.

With development continuing to reshape downtown Morristown, the sale of 25 Market Street adds to a growing list of projects changing the area’s landscape. The property’s future use remains to be seen, but its prime location suggests it could play a key role in the town’s ongoing revitalization.