New owner buys Bloomfield apartment building on Berkeley Avenue
BLOOMFIELD, NJ — An apartment building “in the heart of one of Bloomfield’s most desirable neighborhoods” has a new owner, a company announced Wednesday.
According to Gebroe-Hammer Associates, 204 Berkeley Avenue has changed ownership. The price, seller and buyer – a “private investor” – were not disclosed in a statement announcing the sale.
Gebroe-Hammer, based in Livingston, represented the seller in the acquisition of the building in late 2021, the company said.
According to the firm:
“Built in 1928 and continually updated, 204 Berkeley Apartments is comprised of a mix of one-bedroom (30 units) and two-bedroom (9 units) layouts. Located 17 miles from Midtown Manhattan, the population densely populated high income The Franklin Street/Watsessing Avenue neighborhood is at the intersection of the Garden State Parkway and the US Route 46/NJ Route 3 interchange. local roads 7, 19, 21 and 23.
“With 204 Berkeley Apartments’ exceptional connectivity to Manhattan and Northern New Jersey employment centers, as well as proximity to many of the area’s experiential/lifestyle amenities, Bloomfield and the entire sub -East Essex/Southwest Passaic County market attracts a diverse tenant base of career starters, executives and well-educated empty parents,” said Executive Vice President David Jarvis.
Jarvis noted that the property was fully occupied at the time of the sale.
“In Bloomfield, much of the overall housing stock was built before World War II, making it one of the oldest and most historic townships in the country,” Chairman Ken Uranowitz said.
“As such, existing multi-family properties like 204 Berkeley Apartments dominate the housing landscape and have considerable appeal among an evolving tenant base that now includes an influx of single, educated and mobile young professionals,” Uranowitz said.
“Walkability, nearby amenities and affordability have fueled this pipeline throughout the East Essex County Corridor for the past few years,” Uranowitz added.