The former Department of Labor building and two other properties situated on Broadway has been purchased by an Elizabeth-based developer for $2.6 million, according to government records.
Paramount Assets purchased 362, 370, and 386 Broadway in middle of July, according to records. Hackensack-based commercial real estate firm NAI James E. Hanson facilitated the sale of the three properties that sit on 1.66 acres of land on Broadway.
370 Broadway is a three-story, 32,277-square-foot office building that once served as the offices of the Department of Labor. 362 Broadway is an 11,253-square-foot, single-story building. And 386 Broadway is a vacant lot prime for redevelopment.
“This was a perfect example of an owner who knew when to liquidate and a buyer who has the vision and ability to maximize a property in a unique submarket,” Kenneth Lundberg of NAI James E. Hanson said in a statement on Thursday. “This property is located exceptionally well on a main county road and the ability for the buyer to acquire all three lots will allow for a better utilization of the properties for both the landholder and the community.”
The building has easy access to Route 80, 46, 19, and 208. It’s only 30-minutes from New York City and the Newark International Airport.
The properties were owned by Looman Associates.