The Kislak Company, Inc. announced the recent sale of Franklin Towers, a 63-unit apartment building located at 165 Franklin Street in Bloomfield for $10,988,000
The historic six-story brick building, constructed in 1928, was exclusively marketed by Kislak, with company President Robert Holland and Senior Vice President Tom Scatuorchio handling the assignment. They represented the seller, LCL Franklin, LLC, and also procured the purchaser, Franklin Towers Property Management, LLC.
The transaction highlights the continuing strong demand for stabilized multifamily investment properties in Northern New Jersey.
“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,” Scatuorchio said.
Holland added that Scatuorchio “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.”
The well-maintained property features newly remodeled kitchens with stainless steel appliances, hardwood flooring, and individual heating and cooling systems. The unit mix includes 56 one-bedroom units, five two-bedroom units, and two three-bedroom units.
Amenities for the residents include security-controlled access, onsite laundry, and available carports.
Franklin Towers is ideally situated near downtown Bloomfield, providing excellent commuter access to Manhattan via a short distance to the train station. Its location at Exit 148 off the Garden State Parkway and proximity to Newark also makes it a strong long-term investment, further supported by ongoing downtown redevelopment efforts in the area.
Financing for the acquisition was arranged by Walker & Dunlop.
