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Newark, NJ
News
Controversial Montclair Megamansion Plan Withdrawn: Reports
A proposal before the Montclair Zoning Board for a 60,000-square-foot estate on land that would be cleared of existing homes was pulled, according to multiple published reports. During the board's meeting Wednesday, officials announced that plans for Lloyd Estate had been withdrawn but could be resubmitted later. Several residents were expected to comment on the controversial development, slated for a large parcel near Eagle Rock Reservation. The mansion would reportedly be built for tech billionaire Melih Abdulhayoglu, CEO and founder of cybersecurity company Comodo. The m…
Mount Pleasant, NY
Real Estate
$95M Apartment Complex Planned For Westchester Avenue In White Plains
A $95 million development will replace a parking lot across from a busy office building in the heart of Westchester County's I-287 corridor. The Westchester County Industrial Development Agency (IDA) approved measures to provide financial incentives for the complex that would be constructed at 1133 Westchester Ave. in White Plains. According to the IDA, the complex would be comprised of three separate five-story buildings on a 20-acre site with a total of 303 one- two- and three-bedroom apartments. Of those units, 19 would be deemed affordable. The amenities planned at the site include a …
Newark, NJ
News
Proposed Mega Mansion Causes Controversy In Montclair
A 60,000-square-foot mega mansion is causing controversy in Montclair -- and it hasn't even been fully approved yet. The owner of the proposed Lloyd Estate, rumored to be Melih Abdulhayoglu, CEO and founder of cybersecurity company Comodo, had two homes demolished at on 14 Undercliff Road and 172 Lloyd Road to make way for his dream home, NJ.com reports. But now, he's seeking approval from the Zoning Board of Adjustment to build the house toward the rear of the property and closer to Eagle Rock Reservation. Plans for the house recently filed with the Township include a billiard r…
White Plains, NY
Real Estate
Hundreds Of New Apartments Proposed For 1133 Westchester Avenue
Developers in Westchester have announced a proposal to create more than 300 apartments in Westchester. Officials announced the proposal to the Common Council late last month. The plan would create 303 apartments in a commercial complex that already includes a daycare center and other businesses on Westchester Avenue in White Plains. Of the 303 proposed units, 10 percent would be deemed affordable, and the building would include solar energy options. According to reports, the development would not require any zoning changes and construction could begin as soon as next year. The proposal cal…
Parsippany-Troy Hills, NJ
Business
Community Looks To Save Historic Madison Movie Theater From Demolition
Concerned community members are looking to put a stop to the demolition of Madison's historic movie theater. Saxum Real Estate, a Parsippany-based company, on Tuesday will present its redevelopment plans the Historic Preservation Commission. The company purchased the theater from Bow Tie Cinemas in February 2017. The commission must approve construction plans -- which include a mix of residential and commercial -- as the theater is designated as a historic building. A new theater along with apartments and retails stores have been proposed, TapInto reports. The Save Historic Madison …
Paterson, NJ
Real Estate
End Of An Era: Industrial Clifton Condominium Sold To Food Distributer
The final industrial condominium in a 70,000-square-foot Clifton property redeveloped by Tulfra Real Estate has been sold to a food distributor. The 13,108-square-foot condominium located at 700 Route 46 was sold for an undisclosed amount to Agri Exotic Trading Inc. -- which distributes food to hotels, restaurants, and caterers throughout the tri-state area. The sale was facilitated by Larry Lerman of Lerman Sanders Realty. The 5.3-acre property was purchased by Tulfra Real Estate with a vision to modernize a once-productive property that had since fallen into an idle state. …
Paramus, NJ
Business
$10.3M Loan Will Fund Massive Self-Storage Center Across From Garden State Plaza
A self-storage facility is going up at the former AT&T data center in Rochelle Park. Tulfra Real Estate -- a local real estate redevelopment company -- announced a $10.3 million construction loan for the Passaic Street facility, funded by First Bank in Hamilton. Proceeds from the loan will be used to construct a 100,000-square-foot, 823-unit self-storage facility on approximately two acres of a larger mixed-use site, which has been rebranded as Village Center of Rochelle Park. The 7.5-acre site is currently home to a two-story, 55,000-square-foot concrete building. The new self-stor…
White Plains, NY
News
Con Edison Issues Gas Moratorium For Lower Westchester
While Westchester County remains one of the preeminent hotspots for real estate development in the country, Con Edison may be throwing a wrench in developers’ hands with a gas moratorium. Con Edison issued an announcement over the weekend stating that the demand for new gas has surpassed its limits in the Southern Westchester area, prompting them to stop accepting new customers in Westchester beginning in March. “The demand for natural gas in our service area has been experiencing significant growth primarily due to the construction of new buildings, the opening of new businesses, and conve…
Pascack Valley, NJ
Real Estate
Nearly 250 Housing Units Proposed For River Vale Golf Course
The Edgewood Country Club in River Vale could soon be redeveloped, paving the way for 249 housing units. If approved by the Joint Planning Board Thursday, the 27-hole golf course would be reduced to 18 holes -- 24 of which would fulfill River Vale's affordable-housing requirement by the state. The remaining 225 units would be 193, three-bedroom townhouses and 32, two- and three-bedroom quadplex units. Those homes have an anticipated market value of between $800,000 and $1 million, according to the applicant, The Fairways at Edgewood, c/o Woodmont Properties. Concerns from …
Hackensack, NJ
Real Estate
Pair Of Hackensack Apartments Sell For $11.5M
Two Hackensack apartments were sold to a real estate developer for $11.5 million, NorthJersey.com reports. Located at 265-275 Beech Street, the brick buildings were sold off-market by Prospect Avenue 1 LLC to Stonegate. Each building has 37 one-bedroom units and 2 two bedroom units with on-site parking. Renovations are expected, the article says.
Mount Pleasant, NY
News
Westchester Developer Admits To Ponzi Scheme, Could Face Decades In Prison
A real estate developer has admitted to operating a years-long Ponzi scheme that included properties in Westchester. Michael D’Alessio, 53, has pleaded guilty to one count of committing wire fraud and one count of concealing assets from a bankruptcy court. He faces up to 20 years in prison and hundreds of thousands of dollars in fines when he is sentenced on March 22 next year. The elaborate scheme involved defrauding investors of luxury real estate developments in Manhattan, the Hamptons, Westchester and other locales. D'Alessio is the former president and CEO of real estate deve…
Hackensack, NJ
Real Estate
Brand New Apartments Coming To Hackensack After $7.45M Sale Of Warehouse
Two adjoining Hackensack properties will soon be redeveloped into an apartment building as the result of the $7.45 million sale negotiation. The two 372,000-square-foot properties at 437-439 and 445-451 Main Street -- most recently an office and warehouse for Holman Moving Systems -- will become a a four-story apartment building with 235 units. Alexander Anderson Real Estate Group negotiated the sale and represented both the seller, Holman Realty Associates and the buyer, Waypoint Residential. The transaction represents Waypoint’s first mid-rise, multifamily, residential development in N…
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