Lofts
Class-A multifamily ground-up development at 38-40 West Main Street in Bound Brook's thriving redevelopment corridor — fully entitled, 0.62 acres, construction commencing February 2027.
Times Square Lofts — also known as Time Sq Loft — is a Class-A multifamily ground-up development at 38–40 West Main Street in Bound Brook, New Jersey. The project is part of Axria's concentrated Bound Brook Portfolio strategy, recognizing the borough's transformation into one of Somerset County's most active urban infill redevelopment zones.
The 0.62-acre (27,007.2 SF) site sits in a designated redevelopment zone along Bound Brook's Main Street corridor — a key pedestrian and commercial spine that the borough and Somerset County are actively investing in. The project integrates residential living with ground-floor retail to activate the streetscape, contributing to Bound Brook's walkable, vibrant neighborhood environment.
The project is fully entitled under the Bound Brook Redevelopment Plan (Block 1, Lots 38.01). Building amenity spaces and structured parking (including ADA-accessible spaces) support residents and reinforce the transit-oriented urban character of the development. Construction is set to begin February 2027 and conclude by August 2029 — a 30-month construction period for the urban multifamily building program.
Axria is seeking $10.2M in equity, representing a 25% equity position in the project at a total cost of $40.8M. The stabilized NOI of $2.46M (Year 5, 2031) supports an institutional exit at prevailing cap rates.
| Pro Forma Line Item | Year 4 — 2030 | Year 5 — 2031 |
|---|---|---|
| Effective Gross Revenue | $2,214,397 | $3,404,499 |
| Total Operating Expenses (28%) | ($540,088) | ($944,289) |
| Net Operating Income | $1,674,309 | $2,460,210 |
Coordinated Multi-Site Portfolio: Times Square Lofts is one of nine Axria-controlled development sites in Bound Brook — creating a unique coordinated portfolio advantage. Axria's multi-site presence enables shared construction resources, municipal relationship leverage, coordinated marketing, and portfolio-level economies of scale that benefit each individual project.
Transit-Oriented Location: 38-40 West Main Street is located directly on Bound Brook's Main Street — the borough's primary commercial corridor — within walking distance of Bound Brook NJ Transit station (Raritan Valley Line). The station provides direct service to Newark Penn Station and connections to New York — making this a genuine transit-oriented development (TOD) with strong rental demand from commuter households.
Bound Brook Nine-Site Map:
- 25 W Main St — Luxury Lofts (342 units, Mixed Use, Redevelopment Zone)
- 38-40 W Main St — Times Square Lofts (THIS PROJECT, Multifamily, Redevelopment)
- 424-426 E Main St — Mixed Use (Block 1, Lots 61 & 62, Redevelopment Zone)
- 500 E Main St — Mixed Use (Block 1, Lot 65, Redevelopment Zone)
- 600 E Union Ave — 200-unit Multifamily (2.48 acres, O-B Zone)
- 338 W Main St — Multifamily (9.36 acres, I-P Zone)
- 250 W Main St — Multifamily (3.7 acres, Rehabilitation Zone)
- 106 W Second St — Multifamily (R-4 Zone)
- 109 W Second St — Multifamily (R-1 Zone)
Explore the Full Bound Brook Portfolio
See Luxury Lofts — Axria's 342-unit flagship at 25 W Main Street — or return to the full portfolio overview.
Junaid Ahmed — Vice President, Axria · junaidA@axria.com · +1 281 425 9981
Axria Headquarters — 399 Hoes Lane, Piscataway, NJ 08854 · +1 732 809 8000 · info@axria.com