Former furniture store building on Route 1 sold

A former furniture store property on Route 1 changed hands earlier this year for the first time in more than 12 years, selling for $1.775 million.

The sale closed Oct. 5, according to property records, going from JRS Realty, LLC, to Kato Corporation, which apparently is an Edison-based furniture company. The property (Block 389, Lot 26) previously changed hands in March 2003 for $1.5 million and prior to that sold for $2.05 million sale in April 2001.

The 21,000-square-foot property at 2161 Route 1 North, just before East Lincoln Avenue, was built in 1975 and sits on about three-quarters of an acre. It features a two-story building that used to house a Dinettes Beautiful.

The site was assessed at $847,100, which translates into a property tax bill of about $53,511, based on a 2015 overall tax rate of $6.317 per $100 of assessed value.

The Goldstein Group, a Paramus-based commercial real estate firm, arranged the sale and announced the transaction, which was picked up by NJ BIZ.