The multifamily asset, Annin Lofts, located at 151 Bloomfield Avenue in Verona, was sold for $56,000,000. The property consists of 111 units, with a price per unit of $504,505. It was completed in 2018, featuring both a ground-up building and an adaptive reuse of the historic Annin Flag Factory, offering high-end finishes and amenities. The location is advantageous due to its proximity to Montclair and NJ Transit access to Midtown Manhattan.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $56,000,000
• Buyer: Charles Dayan - Bonjour Capital
• Seller: Edward Russo - Russo Development
• Brokers: Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer & Eric Greenberg - CBRE
• Units: 111
• Price Per Unit: $504,505

CBRE facilitated the transaction, representing both the buyer, Bonjour Capital, and the seller, Russo Development, highlighting their comprehensive role in the deal. The strong investor demand for the property reflects the strategic location and the quality of the multifamily offering.