In an exclusive deal, the Kislak Company, Inc. brokered the sale of Franklin Towers near downtown Bloomfield. Located at 165 Franklin Street, the historic building houses 63 rental units. The transaction closed for $10,988,000.
The seller, LCL Franklin, LLC, picked Woodbridge-based Kislak to market the property. Kislak President Robert Holland and Vice President Tom Scatuorchio led the sales effort and procured the buyer for the Bloomfield property, Franklin Towers Property Management, LLC. Walker & Dunlop handled the financing.
“Both parties were excellent to work with, and we were pleased to assist with the sale of a long-held asset for our seller and the acquisition of a strong, long-term investment for our buyer. The transaction underscores the continued demand for stabilized multifamily properties in northern New Jersey,” commented Kislak’s Scatuorchio. “Although the transaction presented some challenges, we worked closely with all parties involved to ensure a successful closing.”
“Tom (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,” added Kislak’s Holland.
The brick six-story Essex County building was constructed in 1928. All 63 units and common areas have been well-maintained and updated. The apartments feature new kitchens with stainless steel appliances, hardwood floors, high ceilings, and individual heating and cooling systems. The community comprises 56 one-bedroom, five two-bedroom, and two three-bedroom units.
Residents enjoy on-site laundry, security-controlled building access, and carports. The building is pet-friendly and located in a quiet neighborhood near downtown Bloomfield. Commuters have easy access to both NJ Transit trains and the Garden State Parkway. An ongoing wave of redevelopment in Bloomfield should drive long-term value for the property’s new owners.
