Prism Capital Partners Redevelops NJ Landmark Warehouse into Luxury Apartments
- Apr 22, 2014
Bloomfield, N.J.—Prism Capital Partners LLC has redeveloped a century-old landmark from a six-story warehouse into Parkway Lofts, 361 beautifully appointed loft-style apartments in Bloomfield, N.J.
Originally built in 1915 by The General Electric Co. as a manufacturing facility, the redevelopment will now offer one-bedroom plus loft apartments brimming with historic character and rich in visual appeal.
“We took this iconic building on this 15-acre site, and Prism envisioned what a perfect spot for a conversion of this magnificent structure fronted on the Garden State Parkway, would be for residential,” Ed Cohen, Prism Capital Partners’ principal, tells MHN. “We also knew that within 1,000 feet of the property is a rail station, which features direct service into Penn Station without a change of trains, so it’s a phenomenal transportation network for renters.”
Parkway Lofts include a mix of studio, one- and two-bedroom loft-style and duplex residences, with monthly rents starting at $1,500s. Along with turnkey convenience, the building’s resort-style amenities include a 24/7 attended lobby, a two-level state-of-the-art fitness center, a large-screen theater room, a private party and billiards room, an on-site resident-only convenience store, a dog run, a secure parking garage and additional in-building and surface parking. There’s also an open-air roof deck with a fire pit.
Coming soon will be a grab-and-go café that will be exclusive to the residents of the building.
“The geometrics of the building, in addition to the 17-foot-high ceilings, and the openings for windows that measured about 13-feet high by 20-feet wide, all cried out for the conversion of this facility,” Cohen says. “That was the opportunity we saw there.”
The building’s apartments include custom details such as quartz kitchen countertops, stainless-steel appliances, glass-tile backsplashes and ample custom cabinetry. All units feature a washer/dryer; 17- and 12-foot ceilings soaring above exposed columns and beams; views of the Manhattan skyline and Watchung Mountains from 13-foot insulated windows; and lavish bathrooms with sumptuous appointments and custom-tile flooring.
“New Jersey rental apartments have roughly a two percent vacancy rate on any given day and there is a huge need for rental apartments, and in this particular area, there has been little to zero stock in ages,” Cohen says. “Based on the studies we did prior to launching this job, we have every confidence in the absolute ability to lease these apartments and that has certainly been the case so far.”