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Survival of the fittest
Building in the Garden State is a challenge even for the state’s most active developers
From the New Jersey market report: It’s not just any old developer who can hack it New Jersey. The conditions are challenging even during boom times, with a scarcity of land and scads of competing firms vying to create the most buzzworthy projects. As the market shifts and financiers become even more conservative in their lending, it’s only the most established local brands — along with some national heavy hitters — that are moving forward with new projects .
In the last year, the state’s 15 busiest builders were approved to build 3,982 apartments, according to an analysis by The Real Deal. The top developers were ranked by the number of permitted units greenlighted from April 2016 to March 2017. TRD used data from the New Jersey Department of Community Affairs and news reports to compile the ranking. Both rental and condominium units were included, though most were rentals. Major New Jersey developers that don’t appear on the list, like Kushner Companies, may have proposed projects in the pipeline, but building permit applications that were not yet approved were not counted in this analysis.