A New Brunswick industrial property that settled a five-year tax appeal in 2016, has sold for almost $20 million.
The nearly 300,000-square-foot property at 970 New Brunswick Ave. was acquired for $19.5 million by Brooklyn-based Herald Realty Management, according to multiple reports.
Edison-based Bussel Realty Corp., specifically, Executive Vice President Greg Irving and Vice President Jim Hodgkins represented the seller. Ezra Realty represented the buyer. The building has 14- to 32-foot ceiling heights, two drive-ins, 20 exterior tailboards and 100 free surface parking spaces, according to a news release from Bussel Realty Corp.
The 10.5-acre site (Block 282, Lot 1.01) previously was owned by Rahway Industrial Sites, according to property records. It saw its assessment reduced by about 12 percent, from $4,063,800 to $3,563,800 as part of the multi-year settlement reached with the city in 2016 that covered the tax years of 2009, 2011, 2012, 2013 and 2015.
The property generated a tax bill of $243,657 last year.
As part of the tax appeal settlement in 2016, property owners received a refund of almost $150,000 on property taxes for the largest parcel while withdrawing appeals on three adjacent properties (Block 283, Lot 4, Block 284, Lot 15, and Block 309, Lot 35).
