Bussel Brokers Sale Of 502 York Street in Elizabeth, NJ

ELIZABETH, NJ—Bussel Realty Corp. has brokered the sale of 502 York Street in Elizabeth, New Jersey, a 75,600-square-foot distribution facility, to Federal Autocat, which has been leasing the building since 2011 and exercised an option to purchase the property for an undisclosed amount. 

BRC vice president Jordan Metz represented Federal Autocat in the transaction, while BRC senior vice president David Blitt represented the seller, Weisman Family Partnership, LLC.

"The port-proximate markets have recovered and appreciated tremendously over the last several years," says Metz.  "My client had a purchase option which reflected yesterday's values, and provided them with built-in equity. They exercised the option, and significantly reduced their occupancy costs in doing so.  Options can be valuable, but one can never really time the market. In this case, it worked out in my client's favor." 

502 York Street is a 75,600 square-foot industrial property on three acres with 20-foot ceilings, multiple loading docks and one drive-in door, ample power and three-quarters of an acre for parking. It is in close proximity to Route 1-9, New Jersey Turnpike, Port Newark/Elizabeth, and Newark Liberty Airport.