The Real Deal New York

NJ developers identify problems, solutions in multi-family

Luxury rental market seen as nearing saturation, office park conversion eyed
September 12, 2014 11:00AM

New Jersey’s commercial real estate market has been on the mend, but developers see some obstacles on the horizon.

Developers questioned whether the multifamily market is overbuilt at the annual RealShare New Jersey forum. In particular, the luxury end is looking vulnerable, Carl Goldberg, co-president of Roseland Property told attendees.

With property prices on the rise, Secaucus-based Hartz Mountain Industries is developing rather than buying properties, the Record quoted managing director Gus Milano as saying.

Municipalities should also remain open to the idea of converting former industrial and office parks to residential space, taking into account the preference among millenials for areas with work, living and entertainment options, Goldberg added. Roseland Property parent Mack-Cali Realty Corporation is trying to transform Pearson Education’s 47-acre site into a mixed-used development, according to the Record. [The Record]Tom DiChristopher