The Montclarion at Bay Street Station — Courtesy: Value Asset Management
By Joshua Burd
Montclair’s newest high-end rental building is set to open its doors.
The developer, Richard Polton, expects to start leasing at The Montclarion at Bay Street Station early next month, the building’s management team said Tuesday. The five-story, 40-unit building at 125 Bloomfield Ave., which is steps from an NJ Transit station, will offer immediate occupancy.
Value Asset Management will oversee leasing and management at the luxury property. In a news release, the firm said The Montclarion includes one- and two-bedroom rentals, including seven top-floor penthouse apartments with expansive outdoor terraces.
Monthly rents start at $2,250 for one-bedrooms and $2,650 for two-bedrooms. Units will range from 745 square feet to 1,522 square feet.
“The Montclarion at Bay Street Station will serve as an eastern gateway to the eclectic urban-inspired lifestyle,” Jack Linefsky, vice president of property management for Value Asset Management, said in a prepared statement. “It will be a premier residential address at the eastern gateway of Montclair Center, where retail, shopping, business and dining come together to create a lively downtown center which has been nationally recognized.”
Value executives say they expect the building’s location to encourage pedestrian activity, according to a news release. Within walking distance are the Montclair Center and the redeveloping Lackawanna Plaza, while NJ Transit’s Bay Street station offers service to Secaucus Junction, Newark, Hoboken and New York Penn Station.
The brick and glass property, designed by Sionas Architecture, also includes 1,200 square feet of ground-floor retail space expected to house everyday conveniences and services, the news release said. Renters will have access to an enclosed two-story garage and a host of high-end amenities and common spaces.
“This is a transit-oriented community in every sense, with a location feet from Montclair’s most active train station,” Polton said. “We expect to appeal to both current Montclair residents looking to upgrade their lifestyle as well as those from surrounding areas who are attracted to the Township’s pedestrian-friendly, convenient downtown.”
The property is the new sister building to The Montclarion, a neighboring 56-unit rental building originally built in 1985 and recently upgraded by Polton. Last fall, the landlord tapped Value Asset Management to oversee leasing and management of the properties.
The management firm is a division of Clifton-based Value Cos., a longtime apartment owner and operator in the state.