The Winfield Scott Tower in Elizabeth, a high-rise apartment building with 48 units, was originally built in 1927 as a banquet hall and hotel tower before being converted to subsidized housing and retail space in the 1990s. Now, the 10-story building has a new owner.
On Nov. 1, The Kislak Co. Inc. announced the sale of the property at 323 N. Broad St. in the Union County municipality for $6.2 million.
The firm was enlisted on behalf of the seller, Winfield Scott Tower Urban Renewal Association, to market and sell the property, which also includes 26,000 square feet of retail space. According to Kislak, ownership was previously transferred to the seller after the property went into foreclosure several years ago.
Senior Vice President Jeff Squires handled the assignment on behalf of the Woodbridge-based commercial real estate brokerage firm, also procuring the buyer, The Magill Tower Urban Renewal LLC.
“The sale of Winfield Scott Tower was a complex transaction because the sale involved the assumption of a PILOT agreement and in-place [New Jersey Department of Community Affairs] financing,” Squires said in a statement. “Kislak collaborated with the purchaser in order to obtain all special approvals at the municipal and state levels. Magill Real Estate is locally renowned for excellent property management and the firm is looking forward to establishing itself in one of the most iconic properties in Elizabeth.”
The deal marks the second subsidized housing development Squires has sold in Elizabeth in 2022: In March, Squires and Executive Vice President Joni Sweetwood completed the $14.3 million sale of Elizabeth Towers.
Winfield Scott Tower’s 48 units are served by three elevator banks. Situated on 1 acre in the city’s downtown, the retail component houses nightclub XL NightLife. The property includes 70 parking spots and is one block from the city’s downtown train station in addition to being in close proximity to City Hall, the Union County Courthouse and the Elizabeth Police Station.