Multi-Family Adaptive Reuse Project Caters to Demand for Fully Amenitized, Mass Transit-Accessible Rental Housing
BLOOMFIELD, N.J., Feb. 10, 2015 – The decision to become a resident of Parkway Lofts, in Bloomfield, N.J. was an easy one for Joe Foglia. One year later, the decision to renew his lease was even easier. Since opening its doors early last year, the multi-family adaptive reuse project – developed by Prism Capital Partners LLC – continues to attract, and retain, tenants with its vibrant and maintenance-free living environment, upscale apartment homes and commuter-friendly location.
Foglia, owner/operator of Watch Guard Security in Brooklyn, and his girlfriend, Larisse Ribeiro, were among Parkway Lofts’ first move-ins. After settling into their new home and lifestyle at the luxury loft-style rental community, the couple immediately knew they found the perfect place to call “home.” The pet-friendly building also accommodates the couple’s dog.
Tenancy at Parkway Lofts also has benefitted Foglia professionally: Last October, he opened Bobby’s Breakfast Bodega, a breakfast/brunch restaurant located directly outside the building’s north entrance. Bobby’s serves fresh bagels, breakfast sandwiches, and hot and cold lunches. “I quickly recognized that this is a very exciting, up-and-coming Essex County neighborhood and saw a great opportunity to open a fast-casual restaurant near the train station. We have gotten a tremendous amount of support from Parkway Lofts’ residents, as well as from the community at large,” said Foglia.
“Although Parkway Lofts’ location – directly off the Garden State Parkway and near public transportation – initially is what attracted us to the building, the benefits of living here extend beyond commuting convenience,” said Foglia. “A real sense of community began to form with each new person that moved into the building. Larisse and I made many new friends and have developed a wonderful rapport with our fellow tenants. We often gather to socialize, watch football in the building’s private party and billiards room, and even celebrated New Year’s Eve together.”
Foglia and Ribeiro chose a spacious one-bedroom apartment, ideally suited for both everyday living and entertaining. The couple not only is satisfied with their apartment and maintenance-free lifestyle, but with the entire Parkway Lofts staff. “The leasing, management and maintenance staff are absolutely phenomenal, and take care of everything we need. We are particularly pleased with the building’s security personnel and 24-hour attended lobby, both of which bring real peace of mind to residents.”
REDEFINING URBAN LUXURY
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, now more than 50 percent leased, 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.
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.
Parkway Lofts offers residents an array of hotel-caliber amenities and services, including a 24-hour concierge; 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. An on-site 24-hour resident-only convenience store is stocked with grocery basics such as milk, juice, bread, eggs, soda, fresh sandwiches, energy drinks, chips, protein bars, toiletry items and more.
The community is just 1,000 feet away from NJ Transit’s Watsessing Avenue Station, allowing commuters to reach Manhattan in about 25 minutes. Parkway Lofts also provides 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.
“Lease renewals are an indication of our tenant’s satisfaction with the exceptional lifestyle we have created at Parkway Lofts,” said Edwin Cohen, Prism’s principal partner. “Since opening last year, response to Parkway Lofts has been overwhelmingly positive, and the community has experienced a leasing pace unmatched by any other rental address in the region. The start of a new year is the perfect time to visit Parkway Lofts and discover the affordable and amenity-rich lifestyle that all residents enjoy.”