204 Church St. in Boonton — Courtesy: Veerman Asset Management
By Joshua Burd
A historic 22-unit apartment building in Boonton has changed hands for nearly $6.4 million, in a transaction arranged by Veerman Asset Management.
According to Manveer Sanghera, the firm’s CEO, the sale by a local family office follows substantial updates to many of the homes at 204 Church St. That investment materially increased rental income and positioned the asset to achieve what he said was record pricing for the town of roughly $288,000 per unit, according to CoStar data, in the sale to Wickner Realty Development Corp.
The building is a significant piece of the Boonton community. As Veerman noted, the more than 100-year-old property originally operated as a hotel and once housed prominent musicians and entertainers traveling through the region, including famed illusionist Harry Houdini, who is known to have stayed there during the 1930s.
Today, the asset blends its historic character with modern upgrades and oversized apartment layouts, all while demonstrating strong in-place cash flow but with meaningful upside through the continued execution of the value-add strategy. That’s fueling Wickner Realty’s “strong conviction in the stability and long-term fundamentals of the Boonton rental market,” Chief Operating Officer Jonathan Wickner said, adding: “Manveer Sanghera and Veerman Asset Management did an exceptional job navigating the transaction on behalf of our family, and we are excited to add this building to our portfolio.”
Sangher represented both parties in the $6.35 million deal.
“This sale speaks to the thoughtful capital investment already made in the property and the buyer’s ability to fully realize the remaining value-add opportunity,” Sanghera said. “Boonton continues to emerge as one of Morris County’s most compelling rental markets, supported by strong demographics, an improving downtown and sustained demand for high-quality housing.”
