The Royal at 620 Bloomfield Ave. in Bloomfield — Courtesy: JLL
By Joshua Burd
The developer of a new 199-unit luxury apartment building in downtown Bloomfield is seeking a buyer for the property, in a newly announced offering by JLL.
Known as The Royal, the complex at 620 Bloomfield Ave. opened its doors last year with a mix of studio, one-bedroom and two-bedroom homes with an average size of 893 square feet, according to the brokerage team. It also includes several high-end amenity spaces such as a modern fitness center, an indoor basketball court, a coworking lounge, a resident lounge and a landscaped outdoor courtyard.
The building, which is among the newest additions to Bloomfield’s redeveloped downtown, also includes seven penthouse apartments averaging 2,160 square feet and offering upscale finishes and Manhattan skyline views.
“Strategically located steps from NJ Transit’s Bloomfield Station, The Royal offers direct
commuter access to Midtown Manhattan in just 28 minutes,” JLL wrote in its marketing materials. “Its proximity to major highways and sought-after communities like Glen Ridge and Montclair further positions The Royal to attract discerning renters seeking high-end living with seamless connectivity to Northern New Jersey and New York City’s top employment centers.
“The Royal presents investors with a rare opportunity to acquire a newly constructed, 100 percent market-rate luxury community in the rapidly emerging downtown of Bloomfield, New Jersey — a vibrant, transit-oriented neighborhood undergoing significant growth and revitalization.”
The firm’s Jose Cruz, Steve Simonelli, Mike Oliver, Elizabeth DeVesty and Austin Pierce are spearheading the listing, working in tandem with debt and equity brokers Thomas E. Didio Jr. and Gerard Quinn. They noted that occupancy in upper Essex County consistently exceeds 96.3 percent, while annual rent growth is projected at 3.2 percent over the next three years.
Additionally, there are no properties of more than 50 units under construction within a one-mile radius, underscoring limited new supply in the immediate area, JLL said. The firm also said The Royal has a “highly favorable” payment in lieu of taxes agreement with 29 years remaining.
