Franklin Towers at 165 Franklin St. in Bloomfield — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A longtime owner has sold a historic 63-unit apartment building in Bloomfield for nearly $11 million, brokers with The Kislak Co. Inc. announced Tuesday.
According to a news release, the six-story Franklin Towers at 165 Franklin St. was built in 1928 but has well-maintained interiors and units with newly remodeled kitchens. It’s also minutes from NJ Transit rail service and Garden State Parkway Exit 148 and part of a community that has seen a wave of downtown redevelopment in recent years, creating a long-term value opportunity for its new owner.
Kislak President Robert Holland and Senior Vice President Tom Scatuorchio marketed the property on behalf of the seller, a decades-long client going by LCL Franklin LLC. They also procured the buyer, Franklin Towers Property Management LLC, in the $10.988 million deal.
“Both parties were excellent to work with, and we were pleased to assist with the sale of a long-held asset for our seller and the acquisition of a strong, long-term investment for our buyer,” Scatuorchio said. “The transaction underscores the continued demand for stabilized multifamily properties in northern New Jersey. Although the transaction presented some challenges, we worked closely with all parties involved to ensure a successful closing.”
Walker & Dunlop arranged financing.
“Tom did an exceptional job identifying the right buyer to pay the highest and best price for the property and guided the deal from start to closing,” Holland said.
Kislak announced the deal while noting that the property’s one-, two- and three-bedroom units have stainless steel appliances, individual heating and cooling systems, hardwood flooring, nine-foot ceiling heights and abundant light from ample windows. Other features include security-controlled building access, an allowance for pets, on-site laundry facilities and carports available for an additional fee.
