New Jersey

Fennelly Associates Brokers Sale of 16-Story Conversion Project in Trenton, New Jersey

by Channing Hamilton October 11, 2023

TRENTON, N.J. — Fennelly Associates has negotiated the sale of 240 West State Street, a 240,000-square-foot office building in Trenton. The undisclosed buyer plans to redevelop the 16-story property into an apartment building. Plans for the new community include a mix of studio, one and two-bedroom units, as well as amenities such as a fitness center, pool and cafe. The company will also renovate the building’s parking garage. Jerry Fennelly of Fennelly Associates represented the seller, Garden State Commercial Properties, in the deal.

October 11, 2023

Development Leasing & Marketing New Jersey News Northeast

Garden Communities Begins Pre-Leasing The Metropolitan in Springfield, New Jersey

by Channing Hamilton October 5, 2023

SPRINGFIELD, N.J. — Garden Communities has begun pre-leasing for the townhome phase of The Metropolitan in Springfield. The Metropolitan offers 47 townhomes in two- and three-bedroom floor plans. Monthly rents for the townhomes begin at $6,945. The first units are expected to be ready for occupancy before the end of 2023. Future project phases include a 223-unit apartment building and 5,000 square feet of retail space. Amenities include a daytime concierge, coffee bar, community room, co-working spaces, fitness center, EV chargers, a pool and an outdoor kitchen.

October 5, 2023

Development Leasing & Marketing New Jersey News Northeast

Paramount Assets Opens Frontier Flats in Plainfield, New Jersey

by Channing Hamilton September 28, 2023

PLAINFIELD, N.J. — Paramount Assets, a Newark-based property ownership, management and development firm that specializes in restoring historic buildings and urban redevelopment projects, has opened Frontier Flats in downtown Plainfield. The building is the redevelopment of the former Rosenbaum’s Department Store, which opened in 1927 and closed in the mid-1980s. Frontier Flats now offers 35 market-rate units, an interior courtyard and retail space. The community is currently more than 60 percent leased.

September 28, 2023

Affordable Housing Development Finance New Jersey News Northeast

NJEDA Approves $90 Million in Tax Credits for Mixed-Use Building in Newark, New Jersey

by Channing Hamilton September 14, 2023

NEWARK, N.J. — The New Jersey Economic Development Authority (NJEDA) Board approved $90 million in tax credits for a mixed-use building at 81-93 Orange St. in Newark. The high-rise project will comprise 350 units across 14 stories, 500 square feet of retail space and a commercial parking garage. Units will come in studio, one-, two- and three-bedroom floor plans. Of the total unit count, 70 will be reserved as affordable. Income restrictions were not disclosed. The total cost of the project’s development is expected to be $150 million.

September 14, 2023

Affordable Housing Development New Jersey News Northeast

Arc Building Partners, Claremont Complete Supportive Housing Project in Jersey City, New Jersey

by Channing Hamilton September 14, 2023

JERSEY CITY, N.J. — Arc Building Partners and Claremont Development have completed The St. Lucy’s Complex, a supportive housing project in Jersey City. The campus comprises 60,000 square feet. The St. Lucy’s Complex features 150 beds for individuals who are homeless; 14 residential units for individuals living with HIV/AIDS; five three-bedroom permanent supportive housing units for families; 15 permanent affordable housing studio apartments; a daily drop-in area for nonresidents needing a meal, shower or laundry; and onsite social services programs. The project took approximately two years to construct.

September 14, 2023

Journal Square Urby in Jersey City, New Jersey

Development New Jersey News Northeast

Urby Tops Out 25-Story Residential Tower in Jersey City, New Jersey

by Channing Hamilton September 7, 2023

JERSEY CITY, N.J. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has topped out Journal Square Urby in Jersey City. The development rises 265 feet and will offer 317 units across 25 stories at full build-out. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center with a yoga studio, rooftop garden, outdoor grilling and dining areas, a lobby café and a dog park. Dutch architecture firm Concrete and New York City-based HLW designed the project. Journal Square Urby is slated …

September 7, 2023

Finance Investment Sales New Jersey News Northeast

Cushman & Wakefield Arranges $97.7 Million in Acquisition Financing for Mountain View Crossing in Wayne, New Jersey

by Channing Hamilton September 5, 2023

WAYNE, N.J. — Cushman & Wakefield has brokered the sale of Mountain View Crossing, a 465-unit community in the New York City suburb of Wayne. The Pomeranc Group acquired the asset from UBS Realty Investors. Mountain View Crossing offers units in studio, one-, two- and three-bedroom floor plans. Amenities include a pool with a subdeck, barbeque area, tennis and basketball courts, a clubroom, fitness center and dog park. Cushman & Wakefield’s Niko Nicolaou, Ryan Dowd, Peter Welch and Mitch Rothstein represented the seller and procured the buyer. Additionally, Cushman & Wakefield’s equity, debt …

September 5, 2023

Investment Sales New Jersey News Northeast

The Kislak Co. Brokers $4.1 Million Sale of Two Communities in Elizabeth, New Jersey

by Channing Hamilton August 29, 2023

ELIZABETH, N.J. — The Kislak Co. Inc. has negotiated the $4.1 million sale of two properties in Elizabeth, a city in northern New Jersey. The portfolio includes 20 units across two three-story residential buildings. Both buildings rise three stories, and one includes two commercial spaces. Don Baxter and Michael Salomon of Kislak represented the seller in the transaction, and Joni Sweetwood of Kislak procured the buyer. Both parties requested anonymity.

August 29, 2023

Solo at North Bergen in North Bergen, N.J.

Investment Sales New Jersey News Northeast

Denholtz Properties Acquires Solo at North Bergen in Hudson County, New Jersey

by Channing Hamilton August 24, 2023

NORTH BERGEN, N.J. — Denholtz Properties has acquired Solo at North Bergen in North Bergen, a city in New Jersey’s Hudson County. Solo at North Bergen was completed in 2023 and offers 214 units across four buildings. Amenities include a 5,000-square-foot clubhouse with billiards tables, fitness center, pool with grilling stations and a sauna, dog run and package room. The property is located near the Tonnelle Avenue Light Rail Station and an NJ Transit bus stop with direct access to New York City, as well as the Port Imperial/Weehawken ferry …

August 24, 2023

Development Finance New Jersey News Northeast

JLL Arranges $193 Million Loan to Construct High-Rise Building in Jersey City, New Jersey

by Channing Hamilton August 23, 2023

JERSEY CITY, N.J. — JLL has arranged a $193 million loan for the construction of Pathside, a 605-unit high-rise community in the New York City suburb of Jersey City. The property will be built in Jersey City’s Journal Square neighborhood. Pathside will feature studio, one-, two- and three-bedroom apartments, as well as 3,200 square feet of ground-floor commercial space. The borrower, Panepinto Properties Inc., plans to deliver Pathside in the second quarter of 2026. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Salvatore Buzzerio of the debt advisory team at JLL …

August 23, 2023

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