NJ developers identify problems, solutions in multi-family

Luxury rental market seen as nearing saturation, office park conversion eyed

New York /
Sep.September 12, 2014 11:00 AM

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


Related Articles

arrow_forward_ios
Mack-Cali CEO Mahbod Nia
Mack-Cali rebrands as Veris Residential, signifying shift in focus
Mack-Cali rebrands as Veris Residential, signifying shift in focus
Rolling Gardens Apartment Homes at 405 Franklin Turnpike in Mahwah NJ (Apartments.com)
Morgan Properties trades NJ multifamily portfolio for $57.5M
Morgan Properties trades NJ multifamily portfolio for $57.5M
Brookfield picks up Clifton industrial complex
Brookfield picks up Clifton industrial complex
Brookfield picks up Clifton industrial complex
Skylight Real Estate Partners founding partner Bennat Berger and 340 Old River Road in Edgewater (Google Maps, LinkedIn)
New firm pays $50M for Edgewater multifamily
New firm pays $50M for Edgewater multifamily
Making money moves: Cardi B buying up real estate
Making money moves: Cardi B buying up real estate
Making money moves: Cardi B buying up real estate
Jeff Bezos and the Jersey City office property (LoopNet, Getty)
Amazon scraps 400K sf Jersey City office deal
Amazon scraps 400K sf Jersey City office deal
Monmouth Real Estate's Mike Landy and Industrial Logistics Properties Trust's John Murray (ACRE, Industrial Logistics Properties Trust)
Plan C: Monmouth finds buyer after Zell, Sternlicht offers fall through
Plan C: Monmouth finds buyer after Zell, Sternlicht offers fall through
No vacancy: New Jersey warehouse space effectively sold out
No vacancy: New Jersey warehouse space effectively sold out
No vacancy: New Jersey warehouse space effectively sold out
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...