Isaac Sebbag's Golden Sky Equities Acquires Development Site In Elizabeth, NJ For $2.2M

This development site located at 225 Broad St in Elizabeth, NJ has been sold for $2,200,000. The property is a development site with a lot size of 9,800 square feet and a buildable square footage of 18,000. The price per buildable square foot is $122, while the price per lot square foot is $224.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $2,200,000
• Address: 225 Broad St, Elizabeth, NJ
• Market: Elizabeth, NJ

The buyer of this development site is Isaac Sebbag from Golden Sky Equities. The seller of the property is Betsy Fenik. The sale was facilitated by Yanni Marmarou, Jack Drillock, and Dre Nestico from B6 Real Estate Advisors, who represented the seller. It is worth noting that this sale represents The Marmarou Team's fourth sale of a development site in the past 60 days in the Northern New Jersey market.

The property was sold "as is", with no approvals in place at the time of sale. It is situated in a qualified Opportunity Zone and is directly across the street from the downtown Elizabeth redevelopment zone. The buyer intends to transform the retail/office/warehouse space into a mixed-use rental community, complete with parking and amenity spaces.