10B — April 2023 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N ew J ersey
J 49 Fisk Street “Tops Out” on Jersey City’s West Side Halpern Real Estate Ventures tops off new rental building
Weichert Commercial represents landlord Bussel Realty Corp. leases 11,000 s/f in Somerset, NJ
ERSEY CITY, NJ — Halp- ern Real Estate Ventures announced the topping out of 49 Fisk Street at six stories, bringing the new residential building on Jersey City’s revital- izing West Side neighborhood into focus. The construction milestone for the Opportunity Zone de- velopment puts the building on track for an end-of-year leasing launch for its 337 luxury rental residences and impressive suite of amenities, according to the developer. “We’re thrilled to mark the building’s construction prog- ress, which is a testament to the hard work and dedication of our entire team who are helping to bring this exciting project to life,” said Joel Halpern , presi- dent and managing director of Investments for Halpern. “49 Fisk Street will further elevate the residential options available to existing and new residents of Jersey City’s West Side, where significant investment and mu- nicipal focus is stimulating the rise of a new destination center.” JRM Construction Manage- ment is the Construction Man- ager for 49 Fisk Street. Sustainable Development that Enhances the Resident Experience Designed by Minno & Wasko Architects and Planners , with interiors and amenities curated by The Meshberg Group , 49 Fisk Street will incorporate design elements and innovative technologies that consider both the environ- ment and the people that live there. Sustainable features will include a waste diversion and energy recovery system, rooftop solar panels, electric vehicle chargers, and rainwater collec- tion for irrigation uses. The eco-friendly project will be underpinned by a net- work of open space activated
459 Somerset St. EDISON, NJ — Bussel Re- alty Corp. (BRC) announced thier recent NJ transactions: BRC leased 11,000 s/f at 459 Somerset Street in Somerset, a 22,000 s/f industrial building. Gerald Daley , sales asso- ciate of BRC represented the tenant, Future Group USA Enterprises, in the transac- tion. The landlord, Lazarus Realty LLC , was represented by Weichert Commercial . “Future Group USA Enter- prises will utilize the space as a distribution hub for the cloth grocery bags that the firm manufactures,” said Daley. “Customer demand has grown for the company’s products since plastic bags are no lon- ger utilized by most retailers in NJ.” 459 Somerset Street in Som- erset, New Jersey is a 22,000 s/f industrial building located in close proximity to Rtes. 27, 18 and 1, and downtown New Brunswick. The property fea- tures tailboard and drive-in doors for loading, air-condi- tioned offices and an off-street parking lot. Bussel Realty Corp. sold 179-181 Woodbridge Ave. in Sewaren (Woodbridge), New Jersey, a 2,176-square-foot for- mer used car property with a 1,400-square-foot house/office, to Ocean View Auto Finance. Anthony Mircovich , vice president of BRC represented the seller, Fred Marano , and the buyer, Ocean View Auto Finance, in the transaction. Ocean View Auto has a car repair location in Fords, New PARSIPPANY, NJ – Devel- oper Accurate broke ground on a luxury rental community that will deliver 325 brand- new residences to the Town- ship of Parsippany-Troy Hills. Construction is underway at 100 Cherry Hill Rd., a 26-acre property with entrances to Rte. 80 and Rte. 46, about one mile from the Mountain Lakes train station. The development will consist of two four-story buildings with 162 units and 163 units, respectively, built
179-181 Woodbridge Ave. Jersey and will be utilizing this property for used car sales. Demand for the property was extremely high since there are no other used car lots cur- rently available for sale. 179-181 Woodbridge Ave. in Sewaren (Woodbridge) is a 2,176 s/f retail/warehouse property located near numer- ous retailers in the Wood- bridge/Sewaren marketplace. The property features 300 s/f offices, three drive-in doors, a 626 s/f back garage and offers excellent visibility situated on a corner lot of highly-trafficked Woodbridge Ave. Bussel Realty Corp. leased 1,000 s/f at Hamilton Com- mons - 695 Hamilton Street in Somerset, on behalf of Timber 5. Chandler Vanderbeek , vice president, and Connor Vanderbeek , vice president, of BRC Retail Services, repre- sented Timber 5 in the trans- action. The landlord, Hamilton Street Management LLC, was represented in-house. Timber 5’s new location in Somerset is scheduled to open in July. Timber 5 will utilize the space to operate a recreational cannabis dispensary. This will be their first retail dispensary location in New Jersey. Hamilton Commons located at 695 Hamilton Street in Som- erset is a 25,000 s/f mixed-use building located directly off Hamilton Street, near Rutgers University and numerous re- tailers and residential neigh- borhoods in the highly lucra- tive Somerset market. MAREJ above a ground-level parking garage. A total of 65 of the residences will be designated for low- and moderate-income renters. The estimated completion date for the first building is fall 2023, according to Accurate. The expected completion date for the second building is first quarter of 2024. The commu- nity is designed by Minno & Wasko Architects and Plan- ners , with interiors by Mary Cook Associates . MAREJ
49 Fisk Street
for resident use, including a 14,000+ s/f landscaped court- yard with green space, an 18,000+ square-foot rooftop with a 360-degree view, and a community garden. An impressive 50,000 s/f in all of indoor and outdoor ame- nities will deliver both a func- tional and exciting live/work/ play environment crafted from a post-Covid mindset. In addi- tion to the substantial outdoor space, residents will enjoy private and public co-working spaces for flexible work-from- home models. A hotel-like lobby with an interconnected
stair to the second floor will provide an open and welcom- ing entrance for residents and their guests, while additional amenities will include a speak- easy-style bar, fitness center, and covered parking onsite. West Side Story 49 Fisk Street is rising in an area near the banks of the Hackensack River where significant investment and re- vitalization efforts are taking root, leading to the creation of a substantial amount of new residences, retail, amenities, greenery, and other commu- nity improvements. MAREJ
Construction underway on Accurate’s rental community in Parsippany, NJ
NAI Hanson negotiates sale of two properties in Chester Borough
downtown Chester Borough nearby the intersection of Route 206 and Main Street. The buildings’ proximity to bustling Main Street provides premier accessibility to a wide vari- ety of boutique shopping and high-end restaurants. 24 Perry Street is a two-story, 3,900 s/f building that contains a spa- cious two bedroom, one-and-a- half bathroom apartment with two roof terraces, a two-car ga- rage and a four-bay auto repair
shop leased to Chester Auto Repair. 15 Seminary Avenues is an 8,000 s/f, two-story build- ing leased to the Art of Dance, a dance studio offering classes on styles including ballet, jazz, tap and more. In search of an investment property to meet a 1031 ex- change requirement, the buyer took interest in the properties’ in-place long-term leases as well as its proximity to down- town Chester Borough.
CHESTER BOROUGH, NJ — NAI James E. Hanson has negotiated the sale of a combined 11,900 s/f of mixed- use space at 24 Perry St. and 15 Seminary Ave. in Chester Bor- ough. NAI James E. Hanson’s John Schilp and Jonathan Kristofich represented both the buyer, K&R Perry, LLC, and the seller in the transac- tion. 24 Perry Street and 15 Semi- nary Avenue are located in
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