President Robert Holland & S.V.P. Tom Scatuorchio Arrange Exclusive Sale of 63 Units in Essex County

Woodbridge, N.J., November 18, 2025 – The Kislak Company, Inc. announced the recent sale of Franklin Towers, a historic apartment building at 165 Franklin Street in Bloomfield, Essex County, New Jersey, for $10,988,000.

Kislak marketed the property on an exclusive basis with president Robert Holland and senior vice president Tom Scatuorchio handling the assignment on behalf of the seller, LCL Franklin, LLC, and they also procured the purchaser, Franklin Towers Property Management, LLC. The seller is a decades-long client of Kislak and Mr. Holland and together they have completed numerous transactions in multiple states.

Mr. Scatuorchio commented: “Both parties were excellent to work with, and we were pleased to assist with the sale of a long-held asset for our seller and the acquisition of a strong, long-term investment for our buyer. The transaction underscores the continued demand for stabilized multifamily properties in northern New Jersey. Although the transaction presented some challenges, we worked closely with all parties involved to ensure a successful closing.” Mr. Holland added, “Tom did an exceptional job identifying the right buyer to pay the highest and best price for the property and guided the deal from start to closing.”

Built in 1928, the six-story brick building has well-maintained interiors and the apartments have newly remodeled kitchens outfitted with stainless steel appliances, individual heating and cooling systems, hardwood flooring, nine-foot ceilings and abundant light from ample windows.
The unit mix includes 56 one-bedroom units, five two-bedroom units, and two three-bedroom units.

Amenities include security-controlled building access, an allowance for pets, onsite laundry facilities and carports available for an additional fee. Ideally situated in a quiet neighborhood close to downtown Bloomfield, the property is located at Exit 148 off of the Garden State Parkway and has excellent commuter access to Manhattan only a few minutes from the train to New York City and Newark. Ongoing downtown redevelopment in Bloomfield drives long-term value for the new owner’s investment in the property.

Financing was arranged by Walker & Dunlop.

Robert Holland joined Kislak in 1984, is one of the firm’s all-time leading sales producers and became president in 2012. In addition to overseeing the company and managing a team of salespeople, he specializes in the sale of multifamily and other investment properties with a primary focus in central and eastern Pennsylvania.

Tom Scatuorchio joined Kislak in 2016 and specializes in the sale of multifamily and other investment properties in northern New Jersey. In 2017, he earned Kislak’s Rising Star award and in 2021, he was promoted to a vice president. In 2024, he was promoted to a senior vice president for his successful roles as an investment salesperson and leader and mentor in Kislak’s commercial sales and leasing division.

About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware, and Florida.

Now in its 119th year, Kislak was among a select group of firms recognized as a 2024 Power Broker by CoStar Group, Inc. and this was the firm’s 19th consecutive recognition. Kislak was also named by NJBIZ as a 2024 Leader in Real Estate, Construction and Design and this was the firm’s third recent recognition.