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.
West 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.