Veris buys “Sopranos”-themed North Jersey apartments for $130M

Newly developed complex with 240 units and retail was named after James Gandolfini

Tri-State /
May.May 05, 2022 05:56 PM
7 Madison Avenue in Park Ridge, Bergen County with Veris Residential CEO Mahbod Nia and James Gandolfini (LinkedIn, Realtor.com, Getty)

7 Madison Avenue in Park Ridge, Bergen County with Veris Residential CEO Mahbod Nia and James Gandolfini (LinkedIn, Realtor.com, Getty)

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.





    Related Articles

    arrow_forward_ios
    Accurate CEO Jack Klugmann and the Fairfield, CT Metro North train station (Accurate, Robert Mortell/via Wikimedia Commons, iStock)
    NJ developer buys Fairfield Metro dev site
    NJ developer buys Fairfield Metro dev site
    Marcus & Millichap Associate David Ferber in front of part of the 30-building, 319-unit portfolio concentrated in Jersey City (Marcus and Millichap, iStock)
    Hot rental market boosts NJ multifamily despite rate hikes
    Hot rental market boosts NJ multifamily despite rate hikes
    Anthony "Fat Tony" Salerno and the Rhinebeck horse farm (Hudson Modern, Getty)
    Rhinebeck farm once owned by mob boss lists for $1.5M
    Rhinebeck farm once owned by mob boss lists for $1.5M
    Long Island Board of Realtor's Tessa Hultz (LIRealtor.com, HomeForAllOfUs.org, iStock)
    How not to discriminate: Long Island Realtors launch fair housing effort
    How not to discriminate: Long Island Realtors launch fair housing effort
    A photo illustration of the Ram's Head Inn at 107 South Ram Island Drive in Shelter Island Heights (LoopNet, iStock)
    On the dock-et: Shelter Island inn owner sues town
    On the dock-et: Shelter Island inn owner sues town
    Rubenstein Partners' David Rubenstein and Warren Corporate Center (Rubenstein Partners, iStock)
    Tri-state deal roundup: King Kullen loses ground, former Modell’s replacements
    Tri-state deal roundup: King Kullen loses ground, former Modell’s replacements
    Julia Koch and 840 Meadow Lane in Southampton (Getty Images, Tim Davis/Corcoran)
    Julia Koch revealed as buyer of dated $70M Southampton estate
    Julia Koch revealed as buyer of dated $70M Southampton estate
    Sophocles Zoullas and 275 Ox Pasture Road in Southampton (Getty Images, Harald Grant Real Estate, iStock)
    ‘Tenacre’ estate is only 3 acres, but lists for $25M
    ‘Tenacre’ estate is only 3 acres, but lists for $25M
    arrow_forward_ios

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

    Loading...