26 — September 2026 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
Peter Feldman marks first year as president of Legacy
Morris County community features renovated amenities JLL retained to market Reserve at Riverdale R
understanding that physical improvements and construc- tion costs may be part of the investment from the outset. That certainty can be par- ticularly important to sellers looking for more than simply the highest offer. The former Casio headquar - ters is one example. Multiple prospective buyers were in the running, making Legacy’s ability to demonstrate that it had the capital and ability to complete the transaction an important differentiator. “I had to sell us as reliable,” Feldman said. “Basically, the whole point was reassuring the seller that we, A, have the capital and, B, will close.” Legacy acquired the property in an all-cash transaction in October 2025. Finding Value Others May Overlook Legacy’s ability to move quickly is supported by decades of experience in the Northern New Jersey industrial mar - ket. The company’s portfolio includes nearly two million s/f of industrial space, giving Feld- man and his partners extensive familiarity with the region. “We know this market,” Feld - man said. “Industrial in North - ern New Jersey has been our business for a long time.” That familiarity can be particularly valuable when a property presents zoning or entitlement challenges that may deter other buyers. Legacy has appeared before boards of adjustment five times during a recent six- to seven- month period and received approvals in all five instances, according to Feldman. “The barrier for the entitle- ments has been a good market advantage for us,” he said. At the former Casio building, Legacy created value through the entitlement process, se- curing parking and site plan variances that allowed the property to be used to the new occupants’ intent. “On Casio, our value-add was the entitlement,” Feldman said. At other properties, the strat- egy may be more physical. In Moonachie, Legacy has focused on improving the condition and appearance of the property to make it more attractive to pro- spective owner-users. “For a lot of these users, they’re not looking at the real estate as an investment,” Feld - man said. “They’re looking at it as a home for their business.” Relationships That Extend Beyond the Closing Feldman also credits Lega cy’s continued on page 38
FAIRFIELD, NJ — A little more than a year after being named president of Legacy
Real Estate Develop- ers , Peter Fe ldman can point to an active stretch of acquisitions, repositioning and value
IVERDALE, NJ — JLL has been re- tained on an exclu- sive basis to arrange the sale of Reserve at River- dale, a 212-unit multifamily community located at 6000 Riverdale Rd. in Riverdale. Situated on a 15-acre wooded site, the institutionally de- veloped, owned and managed property includes 200 market- rate apartments and 12 afford- able units across two four-story buildings. The community was built in 2010 and offers an average unit size of 1,033 s/f. All 212 apartments feature original interiors, present- ing a value-add opportunity through a comprehensive renovation program. The property’s unit mix includes 77 one-bedroom apartments and 135 two-bedroom apart- ments, with market-rate resi- dences averaging 1,039 s/f. Apartment features in- clude nine-foot ceilings, full- size washers and dryers, oversized closets, balconies or private patios, stainless- steel appliances, gas cook- ing, granite countertops and wood-finished flooring in entry areas and kitchens. Reserve at Riverdale of- fers a recently renovated clubhouse featuring a fitness center, yoga and spin studio, business center, resident lounge with a coffee bar, bil- liards and media room. Ad- ditional amenities include a resort-style swimming pool, outdoor grilling areas, a fire pit, courtyards, walking
Peter Feldman
creation across Northern New Jersey. But ask Feldman what has defined his first year at the helm, and his answer is less about individual transactions than the approach behind them. “For me, it’s about knowing the property, understanding the risk and knowing your num- bers,” Feldman said. “You do the work upfront, figure out the number that makes sense and make your offer. Once you com - mit to it, you stand behind it.” That approach has guided Legacy’s focus on underuti - lized and fatigued real es- tate, particularly value-add industrial properties where experience, flexibility and the ability to solve problems can create opportunity. Over the past year, Legacy and its partners, Sal Frassetto of Saddleback Real Estate De- velopers and Commerce Park Investors, have completed ac- quisitions throughout NNJ in - cluding the 126,108 s/f former Casio headquarters in Dover; 611 Union Blvd., a 26,630 s/f industrial property in Totowa; two Moonachie industrial properties totaling 29,626 s/f; and the 11,704 s/f commercial building on 3.7 acres at 801 East Edgar Rd. in Linden. “My ability to underwrite these deals and figure out a price that we can purchase at, and be successful, is some- thing I’m able to do relatively quickly,” Feldman said. “That’s why we’re able to stand by our numbers, because there are no surprises down the road.” That approach is rooted in Feldman’s personality. “I’m a very direct, straight- forward, like-it-or-not type of guy, and I think I bring that to my business,” he said. “I’m not afraid to tell people things they don’t want to hear, not afraid to be honest and direct.” Legacy works to determine what it can pay before en- tering a transaction rather than making an aggressive initial offer and attempting to renegotiate later. “We don’t retrade,” Feld - man said. Legacy targets value-add properties with the
Reserve at Riverdale, a 212-unit multifamily community located at 6000 Riverdale Rd. in Riverdale, NJ
paths and covered parking. The property provides 413 parking spaces, including 170 surface spaces and 243 covered spaces, for a ratio of 1.95 spaces per unit. Located near the conver - gence of I-287 and Rte. 23, Reserve at Riverdale pro- vides access to major employ- ment centers and regional retail destinations, including Willowbrook Mall. The sur- rounding Morris County mar- ket has an average household income of $195,475. The property’s average monthly rent of $2,899 rep - resents a 67% discount to the
large contracting firms in the greater New York area. His ex - perience spans ground-up and renovation work in the retail, commercial, institutional and public sectors, as well as pre- engineered metal buildings. Established in 2002, Norco is headquartered in Melville, NY and operates a regional office in Miami, FL. The firm is a general contractor, construc- tion manager, design/builder and owner’s representative serving retail, commercial, institutional and public clients throughout the United States. The firm’s and its affiliated entities’ current and recent work includes six locations of Veterinary Emergency Group animal clinics in New Jersey, New York, Connecticut and Florida. MAREJ The JLL marketing team is led by senior managing directors Jose Cruz, Mike Oliver and Steve Simonel- li ; senior director Elizabeth DeVesty ; and director Austin Pierce . Senior analysts CJ Anania and Luke Chakonis are providing analytical support. JLL’s financing team in - cludes senior managing director Thomas E. Didio Jr. and senior director Gerard Quinn. MAREJ estimated cost of homeown- ership in the surrounding area, where homes within a five-mile radius are valued at more than $679,000.
MELVILLE, NY — Gen- eral contractor, construction manager and design/builder Norco Construction promotes Gargano to project executive Following the promotion, Gargano’s responsibilities en- compass providing executive- level oversight of Norco’s proj - ects, including managing client relationships, budgets, sched- ules and construction quality. He currently serves as proj- ect executive for several of Nor - co’s ongoing projects, including the ground-up construction of the Princeton Farmhouse luxury wedding and event venue in Princeton, NJ. Norco Con- struction p r omo t e d Steven Gar- gano to proj- ect executive. He joined the firm in 2025 as senior proj- ect manager.
“Steven’s project manage- ment expertise has contributed significantly to Norco’s growth throughout New Jersey, the East Coast and Florida over the last year. I look forward to Steven’s continuing contri- butions to both our company and the success of our clients’ projects,” said Norco CEO and president Norman O. Rijo . Steven Gargano
Gargano holds a Bachelor of Science degree in Con- struction Management from Farmingdale State College and is OSHA 30-hour cer- tified, along with holding multiple site safety and trade- related certifications. Prior to joining Norco, he served as project manager for several
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