Alexander Salerno Acquires Mixed-use Portfolio In West Orange For $2 Million With Brokers Jeannette Melillo & Jack Maier
95 Northfield Avenue, 97 Northfield Avenue & 99 Northfield Avenue
$2,000,000
$49/SF
Building Size
40,500 SF
Asset Type
Mixed-use
Closing
Apr 16, 2025
AI
This mixed-use portfolio, located at 95, 97 & 99 Northfield Avenue in West Orange, features a total square footage of 13,500. The property was sold for $2,000,000, which equates to a price per square foot of $148.
Summary of transaction details:
- Property Type: Mixed-use (Portfolio)
- Transaction Amount: $2,000,000
- Address: 95, 97 & 99 Northfield Avenue
- Market: West Orange
- Buyer: Alexander Salerno
- Seller: Cary Lazar
- Brokers: Jeannette Melillo & Jack Maier - Newmark Associates
Jeannette Melillo and Jack Maier facilitated the transaction as representatives for both parties involved, illustrating the critical role of brokers in the successful closure of this deal.
Players
West Orange Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.93%
Cash-on-Cash
-2.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93