Corporate Campus Starts Multifamily Makeover in NJ
The adaptive reuse project is rising on a 20-acre site formerly used by Unilever for offices and research and development space.
Garden Communities has begun demolition at 800 Sylvan Ave. in Engelwood Cliffs, N.J., for the construction of a luxury property. The project is being developed on 20 acres along the Hudson River Palisades.
The development is the first multifamily community to be developed in Bergen County in more than 40 years. Garden Communities initially purchased the site in 2021. At the time of sale, it comprised offices and research and development space for Unilever.
Garden Communities Principal Brett Tanzman said in prepared remarks that Bergen County is known for its high quality of life, well-educated labor pool and robust health-care systems. Tanzman added that the community is less than 5 miles from the George Washington Bridge with direct access to New York City via the George Washington Bridge.
The development will include studio, one-, two- and three-bedroom homes with high-end finishes and fixtures. Plans for the project also call for indoor and outdoor amenity spaces.
Luxurious New Jersey
With no inventory coming on the market in the Bergen County area in decades, more housing is needed in the region. Throughout the state, demand seems to outpace supply in all multifamily property types.
Rent prices in New Jersey are on the rise, increasing by 7.7 percent throughout 2022, according to a Marcus & Millichap report. With new units under construction paired with vacancy rates falling throughout this year, the New Jersey luxury market is likely to see an increase in already high demand.
Other luxury projects in the state include a recently completed Summit Court community. The 396-unit property was a joint venture project between Diversified Properties and Fidelco Realty. Nearby in Englewood, Claremont Development landed a $57.5 million loan for the refinancing of a 220-unit luxury asset.