(Save the date: RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19.)
BLOOMFIELD, NJ–It was a long time getting under way, but now the timing seems “excellent” for the 365-unit Parkway Lofts conversion project at Watsessing Station in Bloomfield that will open next year, says Prism Capital Partners’ Eugene Diaz.
The rental lofts - 331 studio, one- and two-bedroom residences, and 34 penthouse units with terraces – will hit the market a time when the appetite for rental properties continues to be voracious in northern New Jersey, he tells GlobeSt.com. Leasing is to begin in January for spring occupancy.
“The lofts are unique and highly cool space in a sustainable building, with incredible amenities, a two-minute walk from a train station,” Diaz says. “The square footage the units offer is way above what it is possible to get by purchasing anything equivalent that is being built right now.”
Monthly rents for a 900-square-foot studio efficiency apartment with 17-foot ceilings and an attached sleeping area will start at $1,500, he says. A two—bedroom unit with 1,180 square feet will rent for about $2,100, according to Diaz.
Prism acquired the six-story 115-year-old former General Electric Co. warehouse perched above the Garden State Parkway next to the Watsessing Station in 2005. It was only able to break ground on a $90 million redevelopment of the building and 14.5-acre property in February, after waiting out the economic crisis and financing drought, and completing complex plans for adaptive reuse of the 365,000-square foot warehouse.
Now, Prism is finishing restoration of the building’s brick fa
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