Brokers

Lee & Associates N.J. brokers $1.1M specialty asset sale in Madison

Lee & Associates New Jersey on Tuesday said it negotiated the sale of 170 Main St., a 7,900-square-foot historic building in Madison that served as a Masonic Lodge for nearly a century.

The commercial real estate firm’s Peter Rasmusson and Rick Marchisio represented the seller, Madison Lodge No. 93, Free & Accepted Masons, in the $1.1 million transaction. The borough of Madison, the property’s purchaser, was represented by its business administrator, Ray Codey.

The nearly 200-year-old, Federal-style specialty asset will be preserved and repurposed by the borough for use in part as a senior center. The two-story structure was originally constructed in 1825 as the Presbyterian Church of Chatham Township. When the Presbyterian Church moved to a larger building on Green Avenue, Madison Lodge purchased the former church and began meeting there in 1931, according to the Madison Lodge’s website.

“This structure’s age, history and significance to the local community make it a very special property,” Rasmusson said. “It is rich in architectural detail. For example, masons that built the structure left their initials in the bricks on the façade, which are still visible today. Our team enjoyed working on this very unique transaction, and we are pleased with the outcome. It is gratifying to know this iconic structure will be preserved for years to come to the satisfaction of both parties involved.”

Set on nearly three-quarters of an acre, with parking for 35 vehicles, 170 Main St. sits in the heart of Madison. It is located just three blocks from the borough’s thriving retail/commercial district, and less than two blocks from New Jersey Transit’s Madison Station.

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