Berkadia Closes Sale Of Madison Apartments In Madison New Jersey For $11.65M With 34 Units

The property involved in this transaction is a multifamily asset located at 255 Main Street in Madison, New Jersey. The sale price of the property was $11,650,000, and it consists of 34 units within a structure totaling 40,000 square feet. The price per unit reached $342,647, while the price per square foot was $291.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $11,650,000
• Units: 34
• Square Footage: 40,000
• Price Per Unit: $342,647
• Price Per Square Foot: $291
• Market: Madison
• Closing Date: 07/03/2025

Nat Gambuzza, Spencer Beriont, and Nick Balancia, representing Berkadia, facilitated the closing of the property known as Madison Apartments. This sale represented a 34-unit garden-style community that had been managed by the seller for over 30 years. The transaction garnered significant interest, as evidenced by over 20 offers and tours occurring within three weeks of the initial launch, highlighting strong demand for such legacy assets.