Veris buys “Sopranos”-themed North Jersey apartments for $130M
Newly developed complex with 240 units and retail was named after James Gandolfini
Veris Residential woke up one morning and got itself a nine-figure tribute to Tony Soprano himself.
The real estate investment firm formerly known as Mack-Cali Realty bought a newly built luxury residential and retail complex in northern Bergen County for $130 million in March, Veris revealed in its first-quarter earnings report Wednesday. The off-market transaction, which Veris said completes a 1031 exchange, is expected to close this quarter.
Located at 87 Madison Avenue in Park Ridge, about 30 miles northwest of New York City, the 240-unit complex known as The James was developed by New Jersey-based Claremont Development and began leasing units last June. It’s named in honor of late Park Ridge native James Gandolfini, who portrayed the titular mob boss in the acclaimed HBO series.
The five-story property offers studios and one- and two-bedroom units and contains 17,600 square feet of ground-floor retail surrounding an outdoor plaza. About 20 apartments have been set aside as affordable housing.
The complex’s lobby features black-and-white images of Gandolfini throughout his life, according to the Bergen Record. The actor died in 2013.
In a statement to TRD, Veris CEO Mahbod Nia said the property’s recent construction, “strong sustainability credentials” and extensive amenities made it an “ideal addition” to the REIT’s portfolio. Claremont did not respond to a request for comment.
Veris’ purchase of The James is the latest addition to its growing multifamily portfolio in New Jersey, New York and Massachusetts. Elsewhere in the Garden State, the REIT owns and operates properties in Jersey City, Morristown, Morris Plains, Short Hills, Weehawken and West New York.
The company rebranded last year amid a C-suite shakeup and a shift away from investments in suburban office properties, its traditional focus. Veris sold off more than $1 billion worth of offices in New Jersey between March and December 2021.
The multifamily side of the business is expected to account for about 75 percent of Veris’ net operating income this year, the company said in December.