The Franklin at 8 Tice Road in Franklin Lakes — Courtesy: Cushman & Wakefield
By Joshua Burd
Adoni Property Group has sold a 52-unit luxury apartment building in Franklin Lakes for $29 million, in a newly announced deal by Cushman & Wakefield.
Known as The Franklin, the property at 8 Tice Road changed hands roughly four years after opening its doors in the affluent Bergen County municipality. That gave way to strong demand for the mix of one- and two-bedroom homes, which has amenities such as a golf simulator, a high-end fitness center, a movie screening room, a resident lounge and event space and an outdoor patio with fire pits and grilling stations.
Cushman’s Niko Nicolaou, Ryan Dowd, Andrew Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri represented the developer in the sale and procured the buyer, Four Point Holdings LLC.
“We are incredibly proud of the benchmark we set with The Franklin,” said Sonny Adoni, founder and CEO of Adoni Property Group. “Developing 8 Tice Road was about delivering an unparalleled, boutique living experience to Franklin Lakes. This transaction reflects the immense value of that vision, and we are confident the buyer will continue to operate the building with the same commitment to excellence that defined it.”
Mario Galdi, a development partner in The Franklin, added: “From inception to completion, our focus was on execution and uncompromising quality. Seeing this project command such strong institutional demand validates the hard work our team put into creating a truly premier living experience for the Bergen County market.”
In a news release, the listing team noted that 8 Tice Road benefits from its proximity to major roadways including Interstate 287 and Route 208, providing convenient access to regional employment centers and retail destinations. Residents are also minutes from shopping, dining and recreational activities, while the borough is home to top-rated schools and community services.
“8 Tice Road stands out due to its modern amenities and strategic location, offering residents a high-quality living experience in one of the region’s most desirable communities,” said Nicolaou, vice chair at Cushman.
Sobel, a director with the firm, added: “The property’s appeal and the competitive sale process underscore the robust investor interest in well-located multifamily assets.”
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