Condo in Morristown Named Community of the Year by NJBA

By Barbra Murray, Contributing Writer

Morristown, N.J.-The luxury 40 Park condominium community in Morristown, N.J. has been turning the heads of prospective homebuyers for the last year, and now it has caught the attention of its colleagues. The 76-unit property, developed by Roseland Property Co. and Woodmont Properties, has won one of the top 2011 Sales and Marketing Awards, Community of the Year, from the New Jersey Builder’s Association.

Located at 40 W. Park Place overlooking the historic Morristown Green, 40 Park was developed as one component of a two-part, $150 million project that involved the Metropolitan 40 Park, a 130-unit apartment building. The first homeowners settled in at 40 Park in February 2010, and now the property is 75 percent sold. Location plays a big role in its success.

“Morristown is the county seat of Morris County, and it is very strategically located in terms of highways and train access,” Debra Tantleff, a vice president of development for Roseland, tells MHN. Roseland and Woodmont have a strong, long-held faith in downtown Morristown, and have invested over $300 million in new construction projects, historic renovations and redevelopment projects in the community over the years. The city is home to many large employers, and the surrounding corridor plays host to more than a few Fortune 500 companies.

Dwellers in other parts of the county flock to downtown Morristown for its lively environment that offers a bevy of fine-dining spots, trendy boutiques and other popular destinations. And with its tremendous number of parks and outdoor spaces, the area provides the feel of the suburbs but with urban amenities. “It’s a diverse community with diverse offerings,” she says. “It is the quintessential mix of where history meets today’s lifestyle.”

But Park 40’s environs are just part of the attraction for homebuyers and residential real estate industry watchers. The building is unique in the variety of its residences. There are 32 different layouts, including two floors of penthouse units. The one-, two- and three-bedroom homes are anything but reflective of the typical condominium, featuring such amenities as private terraces as large as 1,800 square feet. The property also has a lounge with a catering kitchen, a recreation club and a state-of-the-art fitness facility. Additionally, residents, visitors and passersby alike can avail themselves of The Shops on the Green, a ground-level retail space totaling 70,000 square feet between 40 Park and its sister building, Metropolitan at 40 Park, which, incidentally, is fully leased.

“There are basically two different demographics that 40 Park appeals to,” Tantleff notes, “the empty-nesters who don’t want to downsize on anything but property maintenance, and young professionals, many of whom are moving out of Manhattan to go back to suburban surroundings but who still want the urban feel and modern amenities. The building caters to the full range of those demographics. You get everything you want on the inside with the top-of-the-line finishes, and everything you want outside with restaurants, shops and the Morristown Green right outside your door.

And while 40 Park is a luxury condominium community, the diversity of its units makes it accessible to a wide range of buyers. “Because of the variety of price points, spanning from $400,000 to $2 million, we are able to hit virtually every segment of the market.”