New Owner Buys Bloomfield Apartment Building On Berkeley Avenue

BLOOMFIELD, NJ — An apartment building “in the heart of one of Bloomfield’s highest-appreciating neighborhoods” has a new owner, a firm 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.

Livingston-based Gebroe-Hammer represented the seller in acquiring the building in late 2021, the firm 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. Situated 17 miles from Midtown Manhattan, the upper-income high-population-density Franklin Street/Watsessing Avenue neighborhood is at the crossroads of the Garden State Parkway and the U.S. Route 46/NJ Route 3 interchange. Highway connections include Interstates 80, 280 and 287 as well as Local Routes 7, 19, 21 and 23.”

“As a result of 204 Berkeley Apartments’ outstanding connectivity to employment centers in Manhattan and throughout Northern New Jersey, as well as proximity to the area’s abundant experiential/lifestyle amenities, Bloomfield and the entire East Essex/Southwest Passaic County submarket appeal to a diverse tenant base of upwardly mobile career starters, executives and well-educated empty nesters,” executive vice president David Jarvis said.

Jarvis noted the property was fully occupied at the time of sale.

“In Bloomfield, much of the overall housing stock was built prior to World War II, which makes it one of the older, more historic townships in the nation,” president Ken Uranowitz said.

“As such, existing multifamily properties like 204 Berkeley Apartments dominate the housing landscape and have tremendous appeal among an evolving renter base that now includes an influx of young, single, educated and upwardly mobile professionals,” Uranowitz said.

“Walkability, nearby conveniences and affordability have fed this pipeline across the entire East Essex County corridor in recent years,” Uranowitz added.

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