The Vibe at 17-19 West Main St. in Bound Brook — Courtesy: Veerman Asset Management
By Joshua Burd
A developer has sold a new 28-unit apartment building in downtown Bound Brook for $9.2 million, in a transaction arranged by Veerman Asset Management.
Known as The Vibe, the property at 17-19 West Main St. changed hands as part of a deal that includes a 15-year payment in lieu of taxes agreement and loan assumption, according to the listing team. Veerman added that the seller needed to close on an accelerated timeline while navigating the added complexities, noting that the undisclosed buyer completed the acquisition in under four months from contract signing.
Delivered in 2024, The Vibe also includes one retail unit.
“This closing is another example of Veerman Asset Management’s ability to deliver results on multifamily assets throughout New Jersey,” said Manveer Sanghera, CEO of Veerman Asset Management. “It also marks our third completed sale of a multifamily property in Bound Brook, which speaks to both our familiarity with the market and the continued investor demand for this product type. Bound Brook has continued to gain traction as a growing New Jersey submarket, fueled by strong rental demand, improving local momentum and direct train access into New York City. Investors are paying close attention to towns like this, and for good reason.”
In a news release, Veerman also hailed the deal as its latest in a string of sales involving new multifamily assets across New Jersey, particularly in emerging commuter-driven submarkets with tax incentives and transit access. That continues to attract both private capital and Section 1031 like-kind exchange buyers.
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