Another East Cherry property sold

Another prominent East Cherry Street property has sold, this time a lot on the corner of Irving Street, along with several smaller lots on Lewis Street.

41-51 E. Cherry St. (Block 317, Lot 13), at the corner of Irving Street, went on the market last summer and was acquired with two vacant parcels on Lewis Street (Lots 9 and 10) in January, according to property records. The three-story, mixed-used building hit the market last summer with an asking price of $1.295 million.

East Cherry buildingWest Orange-based Tamarand Realty acquired the East Cherry Street property for $996,000 and the adjacent Lewis Street lots behind the building for $124,500, according to property records, for a total $1,120,500.

Assessed at $394,000, the East Cherry Street lot paid property taxes of almost $26,000 last year. The two Lewis Street parcels are assessed at a total $93,700 ($65,700 for Lot 9 and $28,000 for Lot 10), for a property tax bill of about $6,142 ($4,307 and $1,835, respectively).

The three-story building includes nine apartments on the upper floors and three ground-floor retail spaces, currently occupied by Garden State News on the corner, and a beauty supply store. The Lewis Street lots include about 17 parking spaces, in addition to a vacant parcel.

The transaction is at least the third on East Cherry Street within the past six months:East Cherry St.59-61.New Era

6 thoughts on “Another East Cherry property sold”

  1. One can only hope something useful for the town will be in all these recently purchased buildings. For instance, a good coffee shop is seriously needed right there at the train station.

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