Veerman Asset Management has announced the record-breaking sale of 204 Church Street, a landmark 22-unit multifamily property in the heart of downtown Boonton. The asset, known as “The Pilgrim,” closed for $6,350,000, setting a new market benchmark for the Morris County town.
At approximately $288,000 per unit, the sale represents the highest price per unit ever recorded in Boonton according to CoStar data, signaling a major shift in the town’s real estate profile as it emerges as a premier destination for North Jersey renters.
The property is far more than a typical residential asset; it is a 100-year-old centerpiece of Boonton’s history. Originally constructed around 1920 as a luxury hotel, the building served as a frequent stop for prominent entertainers traveling the vaudeville and music circuits.
Its most famous guest was the legendary illusionist Harry Houdini, who reportedly stayed at the property during his travels through the region in the 1930s. Today, the building retains its historic brick character and oversized layouts, while the interior has been transformed through high-quality modern renovations.
The seller, a local family office, had previously struggled to move the asset through multiple other brokerage firms. However, Veerman Asset Management, acting as the exclusive advisor for both the buyer and seller, successfully positioned the property’s blend of historic charm and “value-add” potential to secure the record price.
“Boonton continues to emerge as one of Morris County’s most compelling rental markets,” said Manveer Sanghera, CEO of Veerman Asset Management. “This sale speaks to the thoughtful capital investment already made in the property and the buyer’s ability to fully realize the remaining value-add opportunity.”
The buyer, Wickner Realty Development Corporation, led by COO Jonathan Wickner, views the acquisition as a cornerstone of their North Jersey portfolio. Wickner noted the firm has “strong conviction” in the long-term fundamentals of the Boonton market, which has seen average rents climb to over $2,800 per month in early 2026.
Under the new ownership, the building is expected to see continued interior upgrades and amenity enhancements, further bridging the gap between its 1920s hotel roots and the needs of modern luxury-seeking tenants.
