The Real Deal Tristate

American Dream in East Rutherford finds a sponsor, Frank Lloyd Wright-designed home lists in Glen Ridge & more North Jersey real estate news

By Mario Marroquin | June 26, 2019 07:00AM

Clockwise from the upper left: A development group breaks ground on a massive logistics center in Linden, a Glen Ridge home designed by Frank Lloyd Wright is back on the market, Prism Capital Partners buys a five-acre development site in Woodbridge and Lone Star Funds offloads an office property in Montvale.

American Dream mega-mall to be fueled by Coke
Triple Five Group’s long-awaited American Dream Meadowlands project in East Rutherford has secured a high-profile sponsor in the Coca-Cola Company, Chain Store Age reported. The 10-year partnership, announced Tuesday, will see Coca-Cola and its local bottling partner, Liberty Coca-Cola Beverages, “fully integrate” with Triple Five’s art, dining, entertainment, fashion and music offerings at the 3 million-square-foot mega-mall. Aside from being the official soft drink provider for American Dream and having a large on the building’s façade, the property will also be able to tap into Coca-Cola’s roster of athletes, celebrities and influencers to host events. “At American Dream, we are giving Coca-Cola the stage to interact with guests like never before, weaving their products through all facets of our one-of-a-kind community,” said a statement from American Dream president Don Ghermezian. Triple Five said in May that American Dream will not open until later this year. The Edmonton-based retail giant took control of the site, once known as Xanadu, from its former developers in 2011. Triple Five hopes to attract more than 40 million visitors annually to the site, which is adjacent to the 80,000-seat MetLife Stadium and claims it will have 450 retail, food and specialty shops and 15 “entertainment offerings.” [CSA] — Brian Baxter

Usonian-style Frank Lloyd Wright home lists in Glen Ridge
A hexagonal home designed by Frank Lloyd Wright in Glen Ridge hit the market last week for $1.2 million, according to 6sqft. The three-bedroom, two-bathroom home at 63 Chestnut Hill Place in Glen Ridge was designed in 1941 and built in Wright’s Usonian style a decade later. Known as the Stuart Richardson House, the 1,800-square-foot home is one of only four Wright-designed homes in New Jersey, according to JerseyDigs, and is best known for its hexagonal floor plan without a single right angle. The home also includes an in-ground swimming pool, a cantilevered entryway, a study, an inverted-pyramid ceiling and a triangular fireplace. The property, which last traded for nearly $1 million in December 2016, is now being marketed by its owners without a broker. NorthJersey.com reported that when the property was sold three years ago, a Coldwell Banker agent that brokered the deal said the home had no formal dining room or basement. The house, which is heated through a steam-warmed concrete slab per Wright’s typical design, sits on 0.54 acres. The Real Deal reported last month on the $555,000 sale of Wright’s Sherman Booth Cottage in suburban Chicago. [6sqft]

Amid TWA deal, MCR acquires Newark Marriott
Hotel operator MCR Development bought the 150-room Courtyard by Marriott in downtown Newark last week, according to Hospitality Net. When it was completed in 2013 by Illinois-based Tucker Development, the hotel was the city’s first in more than 40 years. Located at 858 Broad Street, next to the 18,000-seat Prudential Center, the hotel has a 24-hour business center and fitness center. Tucker Development also developed 14,000 square feet of retail and restaurant space as part of the $35 million project. While MCR did not disclose how much it paid for the hotel, the New York-based firm did note in a press release the presence of nearby Newark attractions, such as the events and programming at the Prudential Center and Grammy Museum, respectively. MCR’s acquisition comes one month after Newark officials opened the first phase of the Mulberry Commons mixed-use project fronting the arena. MCR also announced this week that it had secured $270 million to refinance its TWA Flight Center redevelopment at John F. Kennedy International Airport. In other northern New Jersey hospitality news, JerseyDigs recently reported that Hoboken’s city council had signed off on a redevelopment plan that will bring a Hilton to a lot at 1st Street and Sinatra Drive. [HN]

Reality TV stars say goodbye to North Jersey homes
MTV’s wildly popular “Jersey Shore” is preparing to return to the small screen just in time for summer, but one of the stars of the reality television show is also now getting ready to part ways with her Toms River home, the Asbury Park Press reported. Jenni “JWoww” Farley is looking to sell her six-bedroom, six-bathroom home at 2284 Clover Hill Lane for $1.45 million amid her divorce from husband Roger Mathews. The acrimonious split between the couple, who have two young children, has left the home vacant. Property records show that Farley bought the property for $685,000 in April 2011. The home’s Zillow listing notes that it was initially put on the market for $1.59 million in December 2017, but removed shortly thereafter. Listing agent Justin Leach of Keller Williams Preferred Properties/Coastal Real Estate Group told the APP that Farley’s fame was not a factor in pricing the 5,200-square-foot property, which has a heated saltwater pool, a gym and, of course, a tanning bed. Farley is not the only notable Garden State resident seeking to shed personal real estate. Bravo noted this week that former “Real Housewives of New Jersey” star Jacqueline Laurita and her husband, Chris, were moving out of their Bergen County mansion at 322 Water View Drive in Franklin Lakes amid foreclosure proceedings. Property records show the Lauritas paid $1.72 million for the property in 2001. People also reported on Marty Caffrey, the ex-husband of RHONJ star Danielle Staub, listing their former six-bedroom, eight-bathroom home at 340 Lewelen Circle in Englewood this month for nearly $2.2 million. Frances Aaron of Prominent Properties Sotheby’s International Realty has the listing. [APP] — Brian Baxter

Joint venture buys apartment site in Woodbridge
A five-acre site that once served as a Chevy dealership in downtown Woodbridge was officially traded last week to a joint venture between Prism Capital Partners and Northwestern Mutual Insurance, RE-NJ reported. Prism, a Bloomfield-based developer, said the site at the corner of Rahway Avenue and Green Street will be developed into 232 apartments and 12,000 square feet of retail. Cushman & Wakefield represented Prism and Northwest Mutual, the latter of which will serve as the construction lender, according to ROI-NJ. Prism agreed to purchase a controlling interest in the site in 2015. Demolition work to make way for the transit-oriented community is scheduled for July. TRD has previously noted that Prism is handling the redevelopment of the former Hoffmann-La Roche campus in Clifton and Nutley, as well as the $230 million Edison Village mixed-use complex in West Orange. [RE-NJ]

Lone Star Funds offloads 120K sf office in Montvale
Dallas-based Nessel Development closed last week on its acquisition of a 120,000-square-foot office property at 5 Paragon Drive in Montvale, NJBIZ reported. The purchase price was not disclosed. HFF represented the seller, a limited liability company associated with Dallas-based Lone Star Funds, which property records show paid $10.7 million to buy the property in May 2015, just four years after it traded for $20.6 million. HFF, poised to be absorbed by rival brokerage JLL, said that the property is currently 71 percent leased. The largest tenant is Australian travel company FC USA, which inked a 15-year lease for 71,000 square feet in 2016. According to Lincoln Property Company, the Parsippany-based leasing agent for the property, rental rates a 5 Paragon Drive are $26.50 per square foot. Lone Star and HFF began marketing the property in January. HFF said Lone Star invested more than $4 million to manage the build-out for FC USA. The Montvale property has a two-story atrium and is located near a 93,900-square-foot office property at 3 Paragon Drive that was sold for $14 million in October to Northeast Capital. [NJBIZ]

Vertical construction begins on Linden Logistics Center
A group of developers and brokers gathered Friday for a ground breaking ceremony for the 4.1 million-square-foot Linden Logistics Center in Union County, NJBIZ first reported. Advance Realty Investors, Greek Development and Prudential Financial’s PGIM Real Estate plan to put eight warehouses on the 350-acre site, which is adjacent to the New Jersey Turnpike and 10 miles from the bustling Port of New York and New Jersey. CBRE is serving as leasing agent for the property, which is eligible for a 30-year payment in lieu of taxes from the City of Linden. RE-NJ reported that the the former brownfield site was once home to conglomerates American Cyanamid and DuPont, but has sat vacant for more than 25 years. Property records show that a limited liability company associated with Greek Development purchased and amassed the land making up the site between March and October of last year. TRD reported earlier this month on New Jersey-based developers Forsgate Industrial Partners and Russo Development finalizing their $42.5 million purchase of a 718-acre former Bergen County landfill that they plan to turn into 3 million square feet of industrial space. [TRD]

Ramapo Mountain estate in Mahwah hits market
An 18,000-square-foot mansion overlooking the Ramapo Mountains in Mahwah has hit the market again seeking $16.74 million, CBS New York reported. The four-bedroom, six-bathroom home at 10 Farmstead Road returned to market for the second time in June, 11 years after it was built. The 4.4-acre property, which includes a great room with marble floors, a paver patio, pool and outdoor kitchen, was initially listed in September. Christina LaBarbiera of Christie’s International Real Estate has the listing for the home, whose other amenities include a foyer leading to formal living and dining rooms, a billiards room, office and an elevator. Known as the Ramapo Mountain Estate, the home was built in 2008 by LaBarbiera Custom Homes (a local firm run by the listing broker’s father, Vincent) and Westwood-based architectural firm Zampolin & Associates. Local artist Darek Borowczak was commissioned to paint the estate’s domed ceilings. The home includes custom Marge Carson furnishings curated by Miami-based designer Steven G. [CBS]

Bayonne’s boom continues as resi projects move forward
In the same week that Woodmont Properties held a ribbon cutting ceremony for a new rental complex in Bayonne, another developer secured a long-term tax exemption from the city to redevelop an industrial site into nearly 1,600 rental units, JerseyDigs reported. The outlet noted that the Bayonne City Council met on June 19 to grant a PILOT to an entity called Malakshmi Goldsborough Urban Renewal. Meeting minutes show that the financial agreement with the developer will see it construct four residential buildings of approximately 25 stories and three 12-story residential buildings with ground-floor retail on a parcel that was once part of Bayonne’s Military Ocean Terminal. The latter, as noted by TRD, is a massive parcel slated to become a 1.4 million-square-foot logistics and industrial site. Less than two miles away, at 190 West 54th Street, Woodmont recently debuted its 220-unit Woodmont Bay Club. The development by the Fairfield, New Jersey-based firm has studio, one-, two- and three-bedroom units starting at $1,875. Amenities include a sky lounge overlooking Newark Bay, access to Richard Rutkowski Park, a pool and a fitness center. RE-NJ reported that the site of the complex in Bayonne used to be home to a well-known catering company and night club. [JerseyDigs]

Controversial developer gets OK for Paterson project
Charles Florio recently secured planning board approvals for a 10-story development in downtown Paterson, NorthJersey.com reported. The developer will invest $50 million to create 206 luxury units, 7,700 square feet of retail and 217 parking spaces on a late at 94-110 Hamilton Avenue, three blocks from the Paterson New Jersey Transit station. While the complex may not open until 2021, Florio told the Paterson Times that construction on it will begin in the next 90 days. Florio is a controversial figure locally, having played a role in a probe that resulted in the indictment of former Paterson Mayor Joey Torres, who served time in prison after pleading guilty to a corruption charge in 2017. Another politician from the Passaic County city, Councilman Michael Jackson, also made news recently when he was linked to a lawsuit involving a mortgage for a former property of his and a restaurant he owns called Jacksonville. According to the Paterson Times, Ellis Equities filed a lawsuit in May alleging that Jackson offered his restaurant as collateral for a loan on the councilman’s Grand Street property. The lender, Ellis Equities, alleges the loan came due on June 30, 2017, but no payments were ever made. Ellis Equities is a Long Island City-based affiliate of Alma Realty, which is seeking $40 million in tax incentives from New Jersey Economic Development Authority to build a 150-room hotel and $100 million arena in Paterson. Jackson reportedly supports that project, which has run up against a competing plan to restore Paterson’s 10,000-seat Hinchcliffe Stadium, one the city council rejected in early June. [NorthJersey.com] CORRECTION: A previous version of this post incorrectly identified the entity providing the tax breaks.