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Borough Purchases Specialty Asset at 170 Main Street for $1.1M  

170 Main Street, Madison

MADISON, N.J. (Jan. 23, 2024)Lee & Associates New Jersey has negotiated the sale of 170 Main Street, 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 #93, F&AM, 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,” noted Rasmusson. “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 Street 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 NJ Transit’s Madison Station. 

Lee & Associates New Jersey has locations throughout the state and represents the regional operation of Lee & Associates, one of the nation’s largest agent-owned commercial real estate brokerage and property management firms. Lee & Associates professionals combine the latest technology, resources and market intelligence to deliver superior service and optimize results for clients. Established in 1979, the company maintains more than 75 offices in the United States and Canada. In 2022, Lee & Associates’ 1,500+ team members assisted with over $32 billion in transactions.       


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