Berkadia Negotiates $11.65M Multifamily Property Sale in Madison, New Jersey
Madison, New Jersey – July 24, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the sale of Madison Apartments, a 34-unit, garden-style multifamily property in Madison, New Jersey. Senior Managing Director Nat Gambuzza, Senior Directors Spencer Beriont and Trevor Fiebel, and Associate Director Nick Balancia of Berkadia Morristown led the transaction on behalf of the seller, Madison Associates.
Madison Apartments sold for $11.65 million to 255 Main Madison LLC on July 3. The sales price reflects a per unit price of $342,647.
“Properties that come to market in top tier towns like Madison always warrant overwhelming demand. This particular property not only had the desirable address, but a great story of a well-maintained and cared for building, with true pride of ownership, that has been held for over three decades,” said Gambuzza. “The complex was built in 1960, but had extensive capital improvements in recent years, ownership including new roofs, gutters, leaders, boilers, and repaved driveways, making it a rare find in the market.”
“The buyer pool was very crowded on this transaction,” said Beriont. “Ultimately a buyer was chosen based not only on price, but very aggressive terms. The purchaser, who is new to the product type and vintage, closed on the transaction in less than 30 days from contract execution,” Said Beriont.
Located at 255 Main Street, the property affords convenient access to the borough of Madison which is home to diverse dining and nightlife options, multiple shopping centers, universities, and hospitals. Madison Apartments features 34 units and includes amenities such as hardwood flooring, on-site laundry, and off-street parking.