Bound Brook 63-Unit Apartment Building Sold For $22M: Developer

BOUND BROOK, NJ - A new luxury apartment building on W. Main Street in Bound Brook recently sold for $22 million, Woodbridge-based commercial real estate agency Kislak Co. announced Wednesday.

The new construction, dubbed Mosaic On Main, is a five-story elevator building with 63 market rate apartment units near the Bound Brook train station, Kislak officials said. The multimillion dollar sale to Ridgefield Park-based Mosaic Associates Urban Renewal marks the highest price achieved for a multifamily property in Somerset County in 2022, according to a press release from Kislak citing CoStar data.

West Main St. Urban Renewal, the building’s developer, sold the building, per My Central Jersey.

“This was an excellent opportunity in a desirable transit-oriented location, and the transaction proceeded relatively smoothly given the motivation of the parties,” Kislak Executive Vice President Joni Sweetwood said in a statement. “The seller completed the development with the intention of selling it and the purchaser needed an exchange.”

The 7-15 W. Main St. property lists rents starting at $1,875 for a one-bedroom and $2,425 for a two-bedroom apartment. Amenities include WiFi, package concierge, keyless entry, a gym and courtyards, with a lobby gastropub slated to come soon.

You can view photos of the property here.