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Ambitious Bloomfield Project Readies For Tenants
northjersey.com
December 26, 2013
Original Article

New Jersey's most recent ambitious redevelopment project is wrapping up in Bloomfield and is in demand with tenants, the developer says.

Edwin H. Cohen, a principal partner at Prism Capital Partners LLC, shows off a studio apartment at the nearly completed Parkway Lofts in Bloomfield. The firm converted a 100-year-old General Electric factory into housing.

Edwin H. Cohen, a principal partner at Prism Capital Partners LLC, shows off a studio apartment at the nearly completed Parkway Lofts in Bloomfield. The firm converted a 100-year-old General Electric factory into housing.
The Parkway Lofts, a 361-rental unit development years in the making, is scheduled to have its first occupants by January, said Edwin H. Cohen, a principal at Prism Capital Partners LLC.

Located between mile posts 147 and 148 on the Garden State Parkway, the developer converted a 1915 General Electric warehouse into loft-style apartments with commanding views of the New York skyline and the Watchung Mountains via its 17-foot, ceiling-to-floor windows. Cohen said, "There is really nothing like this going on in the state, especially size-wise."

"This is a project that everyone in New Jersey has seen but didn't know what it was," he said. "Me and my partner knew that this will be a good conversion without ever having stepped into it."

As crews begin to wrap up the first phase of construction, floors 3 and 6 are ready for rental by January. Even without advertising, the units are generating a lot of buzz, according to Cohen.

"We're very optimistic about the success of this project," he said.

Pricing depends on apartment sizes and amenities. On the day of Bloomfield Life's tour in mid-December, studio apartments were being offered between $1,495 and $1,700 a month. Some studios come with loft space, which accounts for additional pricing.

One bedroom layout go for $1,995, while a one bedroom with a loft is $2,355, and a one bedroom with a den is $2,225. Two bedroom units go for $2,560 each. Cohen said he doesn't expect many families to move in, but it being a commuter's dream with the train station nearby.

Families with children that do move in will have the option of attending schools in East Orange or Bloomfield, as the property straddles both towns, Cohen said.

Each unit has a washer and dryer, and each floor has common laundry rooms for bigger loads and storage lockers. There's also a two-story fitness center, rooftop deck with a fire pit, community event room, and a 20-seat home theater. There's a three-level parking deck onsite.

The developments second phase, which Cohen said is slated to begin this spring, will have about 170 for-sale townhouses. Cohen said the original plan was to have the entire project offered as for-sale, but then the recession hit.

Prism came in under budget despite finding a few problem areas with a 100-year-old building, he said. They even found ways to repurpose parts, like reclaiming wooden floor sleepers and making them wall decorations. The firm also owns the BroadAcres office park off Broad Street.

Cohen said the building had the "ideal configuration" to be turned into apartments.

"What truly excited us when we walked in the building, it was as if the architect designed the building for future apartment use," he said.