New Jersey

Accurate Breaks Ground on 26-Acre New Jersey Project

by Lynn Peisner March 20, 2023

PARSIPPANY-TROY HILLS, N.J. — Locally based developer Accurate has broken ground on a 26-acre property at 100 Cherry Hill Road in Parsippany-Troy Hills, about 30 miles northwest of Manhattan. The project will consist of 325 units within two four-story buildings, both built above ground-level garage parking. Sixty-five of the units will be earmarked as affordable units. Rent restrictions were not disclosed. The developer is including 14 studios, 210 one-bedroom units, 88 two-bedroom apartments and 13 three-bedroom floor plans. Amenities will include a clubroom, fitness center and multi-sport lounge. The first …

March 20, 2023

A bird's eye view of the Beacon in Jersey City.

Finance New Jersey News Northeast

Greystone Provides $257.2 Million Loan for The Beacon in Jersey City, New Jersey

by Channing Hamilton March 14, 2023

JERSEY CITY, N.J. — Greystone has provided a $257.2 million, fixed-rate Freddie Mac loan for The Beacon, a six-building complex with 1,155 apartment units. The borrower, Stamford, Connecticut-based Building and Land Technology (BLT), will use the loan to refinance construction debt from the redevelopment of the site. The Beacon was an adaptive reuse of a historic hospital in Jersey City. It opened as the Jersey City Medical Center Complex in 1936 before its conversion to high-end apartments between the early 2000s and 2016, according to Jersey Digs. Greystone’s Judah Rosenberg …

March 14, 2023

Rendering of The Alice in Princeton, New Jersey

Affordable Housing Development New Jersey News Northeast

WinnCompanies Breaks Ground on $63 Million Mixed-Income Project in Princeton, New Jersey

by Lynn Peisner March 13, 2023

PRINCETON, N.J. — WinnCompanies has started construction on The Alice, a $63 million, mixed-income project in Princeton. The Boston-based developer is also preparing to start work on a 1.5 acre public park with a playground, seating and a dog park adjacent to the 125-unit apartment property. The Alice is expected to be complete and ready for occupancy by the summer of 2024. Of the 125 apartments, 100 will be leased at market rates and 25 will be available in rent restrictions ranging from 30 to 80 percent of area median …

March 13, 2023

Investment Sales New Jersey News Northeast

Redwood Realty Arranges $2.5 Million Sale of 24-Unit Property in North Bergen, New Jersey

by Kari Lloyd February 28, 2023

NORTH BERGEN, N.J. — Redwood Realty Advisors has arranged the sale of a 24-unit property at 625 Kennedy Blvd. in North Bergen. Situated in New Jersey’s Gold Coast area, the asset sold for $2.5 million in an all-cash transaction. The property has had not changed hands in over 25 years. The undisclosed buyer and seller were both represented by Steven Matovski, director of Redwood Realty. All units at the 625 Kennedy Blvd. property are one-bedroom layouts. Roughly 30 percent of the units were vacant as of the close of sale. …

February 28, 2023

Leasing & Marketing New Jersey News Northeast

AMS Acquisitions Begins Leasing 96-Unit Property in East Brunswick, New Jersey

by Kari Lloyd February 24, 2023

EAST BRUNSWICK, N.J. — AMS Acquisitions, a locally-based developer, has begun leasing Summerhill Gardens, a 96-unit property located near New York City in East Brunswick. Rents start at $2,400 per month for a one-bedroom unit. Designed by Minno & Wasko Architects, the property consists of four three-story buildings that house one- and two-bedroom units, 24 of which are subject to income restrictions. Amenities include a fitness center, business center with conference facilities, outdoor courtyards, grilling and dining areas, lounge, playground and dog run.

February 24, 2023

Leasing & Marketing New Jersey News Northeast

Veris Residential Completes Lease-Up of 750-Unit Haus25 in Jersey City

by Kari Lloyd February 23, 2023

JERSEY CITY, N.J. — Veris Residential, the development and investment firm formerly known as Mack-Cali Corp., has completed the lease-up of Haus25, a 750-unit, 56-story tower in the downtown area of Jersey City. Haus25 offers studio, one-, two- and three-bedroom floor plans. Amenities include a pool, indoor and outdoor fitness areas, amphitheater, bowling alley, karaoke lounge, game room, golf simulator, pet spa and dog run. When leasing began in spring 2022, monthly rents for a studio apartment started in the low $3000s. The 56-story building is now approximately 93 percent …

February 23, 2023

New Jersey News Northeast Operations

The Monocle Group Selects Greystar for Management of 210 Main

by Kari Lloyd February 20, 2023

HACKENSACK, N.J. — The Monocle Group has selected Greystar Real Estate Partners LLC, as property manager of 210 Main, a two-building, 126-unit property in downtown Hackensack. Formerly a historic bank building and one of Hackensack’s first architectural landmarks, 210 Main was converted to apartments in 2021. The community consists of the 11-story, 89-unit building at 210 Main St. and the interconnected four-story, 37-unit building at 214 Main St. Amenities include a 24-hour fitness center, concierge, outdoor lounge with barbecue grills and fire pits, rentable event lounge, community laundry room and …

February 20, 2023

Finance New Jersey News Northeast

Fields Grade, Park Stone Management Secure $37 Million to Refinance Property in Jersey City, New Jersey

by Kari Lloyd February 17, 2023

JERSEY CITY, N.J. — Development partners Park Stone Management and Fields Grade Development Company received a $37 million-dollar permanent loan to refinance Le Léo, a 99-unit luxury rental building in Jersey City’s Journal Square. Mark DeLillo and Marc Schulder of Blue Gate Partners arranged the loan provided by Lakeland Bank. Located at 244 St. Paul’s Ave., the six-story building is currently 88 percent leased and occupied. Property amenities include a fitness center, yoga studio, coworking space with conference room, outdoor rooftop terrace with barbecues, sun loungers and firepits. The property …

February 17, 2023

Development New Jersey News Northeast

Hampshire Cos. to Develop 70-Unit Property in Allendale, New Jersey

by Kari Lloyd February 13, 2023

ALLENDALE, N.J. — The Hampshire Cos. a New Jersey-based real estate and development firm, will develop a 70-unit community in Allendale. he 104,620-square-foot property is located at 220 W. Crescent St. and is scheduled to be completed in the second quarter of 2024. The property will also feature a clubroom, storage, lounge, and a 9,460-square-foot courtyard. Designed by DMR Architects, nine of the units will be subject to income restrictions including six Council on Affordable Housing (COAH) units designated for first responders.

February 13, 2023

Leasing & Marketing New Jersey News Northeast

Accurate Begins Leasing 105-Unit Property in Bound Brook, New Jersey

by Kari Lloyd February 6, 2023

BOUND BROOK, N.J. — Accurate has begun leasing Citizen Bound Brook, a 105-unit property located in Bound Brook, New Jersey. The development was designed by Jarmel Kizel Architects & Engineers. The property offers studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and tile backsplashes. Resident amenities include a clubroom, fitness center and a landscaped terrace. The building also houses 5,000 square feet of street-level retail space. Rents start at approximately $1,600 per month for a studio.

February 6, 2023

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