A multi-family complex in the heart of Union County has changed hands as a historic property in a walkable neighborhood has officially been sold.
The Kislak Company has announced the recent sale of Sheridan Gardens, a 35-unit multifamily property at 533 East Second Avenue in Roselle. Built in 1928, the four-and-a-half-story brick elevator apartment building sits on about a quarter of an acre with on-site gated parking.
Kislak marketed the property on an exclusive basis with executive vice president Joni Sweetwood handling the assignment on behalf of the seller, Sheridan Estate Urban Renewal LLC. The purchaser was a group called Harrison Grove Holdings LLC.
Situated near the Elizabeth border and not far from the Roselle Park NJ Transit station, the Sheridan Gardens offering included assumable financing and a long-term PILOT program.
“The seller and buyer and their teams were pros and a pleasure to deal with, which made the transaction move as quickly as possible, especially given the loan assumption and PILOT,” said Sweetwood in a statement about the sale. “The property condition also made the sale go quickly as it passed the city inspection the first time without any violations. “
The previous owners of Sheridan Gardens made recent improvements at the property including renovated apartments, new landscaping, a new entrance and bluestone walkway, and LED lighting. The roof and all electrical, mechanical and plumbing systems were replaced within the last 20 years.
The property is conveniently located near Warinanco Park and a few blocks from a ShopRite supermarket. Sheridan Gardens is approximately 10 miles from Newark and 18 miles from New York City.