For almost 100 years, the property at 163 Bloomfield Avenue in Verona was home to the Annin Flag Factory. In 2018, the former manufacturing site was transformed into the 111-unit Annin Lofts by Russo Development. The Class A multifamily community has now sold for $56 million.
CBRE’s Institutional Properties team of Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer, and Eric Greenberg handled the sale for Carlstadt-based Russo Development. CBRE also located a buyer for the Verona property, Bonjour Capital.
“We are pleased to have represented Russo Development on the disposition of this asset,” commented CBRE’s Dunne. “Russo did a fantastic job converting the old factory while offering a unique residential experience of loft-style living with vaulted ceilings and oversized windows.”
The original Annin Flag Factory opened in 1919 and closed in 2013. The reconstruction incorporated the existing structure through adaptive reuse and added an additional building, opening as Annin Lofts in 2018.
All 111 units feature open layouts and luxury finishes throughout. Residents enjoy a host of on-site amenities, including two rooftop terraces, a lounge with pool tables and TVs, covered parking, and a dog run. The community is located near downtown Montclair and its many retailers, restaurants, and other entertainment options. Commuters have easy access to several NJ Transit train stations as well as Interstate-280 and the Garden State Parkway.
“We received a lot of interest from the investor community given the location, quality, deal size, and overall performance of the asset,” added CBRE’s MacKenzie. “New supply is limited while tenant demand remains robust, given the proximity to Montclair’s energetic downtown and seamless commutability to New York City.”
