Commuting Convenience, Lifestyle Draws Out-of-State Residents to Prism’s Multi-Family Adaptive Reuse Project
BLOOMFIELD, N.J., Jan. 19, 2015 – With residential rents in Manhattan and Brooklyn skyrocketing, demand for more affordable and accessible rental housing in Northern New Jersey is on the rise. Parkway Lofts in Bloomfield has emerged as a convenient alternative for apartment dwellers in search of luxury, loft-style living with affordable prices and an easy commute to New York City: Parkway Lofts is located next to a train station, giving residents a short 25-minute commute to midtown Manhattan. Since opening earlier last year, out-of-state residents have accounted for 33 percent of the community’s new move-ins, according to Prism Capital Partners LLC, the project’s developer.
Prism redeveloped this landmark six-story warehouse building – originally built by the General Electric Co. in 1915 – into 361 beautifully appointed luxury loft-style apartments. The remarkable success of Parkway Lofts reflects the current strength of the rental market in Northern New Jersey and underscores Essex County’s position as one of the Garden State’s most dynamic live/work/play destinations, according to Edwin Cohen, Prism’s principal partner.
“Many of our tenants looked in New York or in Hudson County’s Jersey City and Hoboken first but very quickly realized they would get more ‘bang for their buck’ in Essex County,” said Cohen. “Parkway Lofts presents an opportunity to live in a brand-new, modern apartment complemented by a host of hotel-caliber amenities for a cost that is far less than a comparable unit in Manhattan or on the NJ waterfront. From young professionals to empty-nesters, savvy renters across every demographic category are drawn to Parkway Lofts’ combination of commuting convenience, luxury and value.”
Essex County is rich in style, character and history. Proximity to Manhattan and Newark Liberty International Airport, along with a variety of cultural attractions, institutes of higher education, fine restaurants, shopping venues and recreational pursuits are among the county’s outstanding lifestyle benefits. In addition, Essex County is traversed by several major highways including the Garden State Parkway; New Jersey Turnpike; and interstates 78, 80 and 280, easing travel to just about anywhere in the Tri-State area.
Urban Living Redefined
Combining industrial-inspired elegance with an incomparable resort-at-home lifestyle, Parkway Lofts quickly has made its mark on Northern New Jersey’s luxury rental marketplace. Modern classic apartments include a mix of spacious studio, one- and two-bedroom loft-style and duplex residences. Monthly rents start from the $1,700s.
Units feature 17- and 12-foot ceilings soaring above exposed columns and beams; 13-foot insulated windows; concrete floors; custom lighting fixtures; designer kitchens with Quartz countertops, stainless-steel appliances, custom wood cabinetry and glass-tile backsplashes; and lavish bathrooms with ceramic-tile flooring and porcelain surrounds.
In addition to its well-designed residences, Parkway Lofts offers residents an array of on-site amenities and services, including a 24-hour attended lobby, a rooftop deck with fire pit and comfortable seating; a 5,000-square-foot, two-level state-of-the-art fitness center; a 20-seat large-screen theater room; a private party and billiards room with a 14-foot bar, televisions and tufted banquettes; and a dog run. The community’s 24-hour resident-only convenience store is stocked with a selection of grocery basics such as milk, juice, bread, eggs, soda, fresh sandwiches, energy drinks, chips, protein bars, toiletry items and more.
Parkway Lofts is just 1,000 feet away from NJ Transit’s Watsessing Avenue Station, allowing commuters to reach Manhattan in 30 minutes or less. Parkway Lofts also provides its residents with a secure parking garage, and additional in-building and surface parking. Along with a washer/dryer in each apartment unit, tenants have access to larger commercial-style laundry facilities and storage lockers on each floor.
There has never been a better time to visit Parkway Lofts, now more than 50 percent leased, and experience all that this multi-family adaptive reuse community has to offer. Following the successful renting of Phases I and II, apartments in Phase III are now available.
The Marketing Directors is the on-site leasing agent for Parkway Lofts. The leasing center is located at 5 Lawrence St. in Bloomfield, and is open daily from 10 a.m. to 6 p.m. No appointments are necessary. For more information, contact the leasing center at (201) 308-8200.