Kislak's Gralla leads assignment for landmark restaurant on Franklin Ave. in Nutley, NJ

Nutley & Maplewood, NJ — The Kislak Company, Inc. was recently named the exclusive sales agent for the former Franklin Steakhouse, a 12,000 s/f restaurant, bar, and banquet space located in the heart of downtown Nutley at 238 Franklin Ave.

The property, which includes a liquor license, is a two-story brick building with 4,000 s/f per floor and an additional 4000 s/f finished basement with a chef’s kitchen, an office and bathrooms. The first floor has a bar with restaurant seating plus banquet space with a dance floor located on the second floor. Capital improvements include a gut-renovated first floor with updated restaurant equipment, HVAC system units, new rubber roof, and a heavy-duty commercial hot water tank. Municipal parking is available behind the property.

Vice president Julie Gralla is handling the assignment on behalf of the property owner.

“This landmark restaurant space brought in $2.7 million in income per year prior to the pandemic and will be the future success of a restauranteur or developer,” said Gralla. “This is a unique opportunity for a discounted investment, which includes a highly valuable liquor license.”

The asking price is $1.6 million.

In other Kislak news, the company announced the recent sale of The Alivia, a newly-constructed 20-unit luxury apartment building located at 479 Valley St. in Maplewood, Essex County for $7.6 million.

Kislak marketed the property on an exclusive basis on behalf of the builder and seller, 479 Valley Road, LLC, an affiliate of a longtime client, with executive vice president Joni Sweetwood handling the assignment. Sweetwood also procured the purchaser, Sunblossom Alivia 479, LLC, an affiliate of a locally based owner with a strong presence in the market, which is also a longtime client.

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