Updated Feb 6, 2025
Gideon Z. Friedman Of Beachwold Residential Acquires The Forge At Glassworks For $57M
118 Glassworks Boulevard
$57,000,000
Units
170
Asset Type
MultiFamily
Closing
Feb 5, 2025
About this deal
AI
The Forge at Glassworks is a luxury multifamily community located at 118 Glassworks Boulevard in Cliffwood. This property features 170 upscale units, constructed in 2017, and includes various amenities positioned near transit and the Garden State Parkway. The transaction was completed for a total sale price of $57,000,000, equating to a price per unit of $335,294.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $57,000,000
- Units: 170
- PPU: $335,294
- Buyer: Gideon Z. Friedman - Beachwold Residential
- Seller: Brad Ingerman - Ingerman Group
- Brokers: Austin Pierce, Elizabeth DeVesty, Jose Cruz, Michael Oliver & Steve Simonelli - JLL
This transaction involved JLL representing the seller, Ingerman Group, in the negotiation for the sale of the property to Beachwold Residential, led by buyer representative Gideon Z. Friedman. The deal was brokered by multiple JLL agents who coordinated to bring the transaction to completion.
Players
Cliffwood MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Deal FAQ
About $335.3K per unit across 170 units on a published $57M (2025).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93