Brokers from the Woodbridge-based Kislak Co. represented both sides, with VP Joni Sweetwood representing seller Grand Street Realty Association, a group based in Hudson County, NJ. Locally based buyer Grand Court Villas LLC was represented by Kislak VP Barry Waisbrod. On the legal side, attorney Richard Klein represented the buyer; the firm of Epstein Gioia represented the seller.

"This is an outstanding investment opportunity, where the buyer acquired one of the most distinctive properties near the state capital," Sweetwood says. "The new owners will benefit from the improvements that were recently completed, and a 92% occupancy."

Those improvements include new roofing, carpeting and painting. The building itself is registered as a National Historical Landmark, and is the former site of the Clay, Henry and Bock Co. cigar factory, built in the late 19th century with Mission and Spanish Revival architectural styles.