A two-building Class A multifamily community in Verona, which includes the adaptative re-use of the historic Annin Flag Factory, recently sold with a price tag of $56 million.
CBRE announced the sale of Annin Lofts at 151 Bloomfield Ave. Jan. 6. That location puts the property within a mile of bustling downtown Montclair.
The commercial real estate services and investment firm represented seller Russo Development and procured the buyer, Bonjour Capital.
A CBRE Institutional Properties team of Vice Chairman Jeffrey Dunne, First Vice Presidents Stuart MacKenzie and Eric Apfel, Senior Financial Analyst Travis Langer, and Financial Analyst Eric Greenberg led the deal.
Completed in 2018, Annin Lofts comprises 111 units. A ground-up structure complements the conversion of the former Annin Flag Factory. The property features luxury finishes and spacious, open layouts. It also offers amenities: two rooftop terraces, a residential lounge with TVs and billiards, covered parking and a dog run.
Piece of history
Based in Roseland, Annin Flagmakers shuttered the Verona site in 2013, after nearly 100 years of operations. Construction on the residential transformation got started in 2017, appropriately, on Flag Day.
Speaking about the work in 2018, Russo Development CEO Ed Russo noted the structure of the building. “When you’re away from the waterfront urban areas, you don’t see many 100-year-old, high-ceiling, concrete buildings. The opportunity of constructing loft-style units in a suburban area made it stand out, and the town was in favor of it.”
MacKenzie noted the location, quality, deal size and the asset’s performance inspired plenty of interest from investors.
According to CBRE, Annin Lofts sold with an occupancy rate in the high 90s.
“We are pleased to have represented Russo Development on the disposition of this asset,” said Dunne. “Russo did a fantastic job converting the old factory while offering a unique residential experience of loft-style living with vaulted ceilings and oversized windows.”
CBRE Institutional Properties is currently marketing other properties for sale in the region, including Lexington Riverview, a 43-unit community in Fair Lawn. To close out 2025, the team secured $34.5 million in permanent financing for The Essex in Belleville.
