JLL: Ridgefield Park site approved for 552-unit rental project on the market for sale

60 Challenger Road in Ridgefield Park — Courtesy: JLL

By Joshua Burd

The owner of a Bergen County development site with approvals for more than 550 apartments is seeking a buyer for the property, in a newly announced offering by JLL.

Spanning roughly four acres in Ridgefield Park, the tract comprises two contiguous parcels at the corner of Challenger Road and Emerson Street and adjacent to the well-known Overpeck Corporate Center, according to the brokerage team. That means the site has direct access to Interstate 95 and Route 46 as well as an existing NJ Transit bus stop, while the Teterboro rail station is eight minutes away by car.

JLL’s Jose Cruz, Ryan Robertson, Mike Oliver and Bradley Wachenfeld are marketing the property at 60 Challenger Road, with Thomas E. Didio Jr. of the firm’s debt and equity team available for consultation.

“Currently the site has full site-plan approvals from the Village of Ridgefield Park for the construction of up to 552 multifamily units, with the ability for a future developer to modify the plans with the understanding that the village is amenable to a timely redevelopment of the site,” JLL wrote in its marketing materials. “The project, located within an area designated for redevelopment, is eligible for a 30-year (payment in lieu of taxes) program, reducing future ownership’s operating expenses and limiting the property’s tax exposure.”

JLL noted that the neighboring office buildings are home to employers such as Samsung’s North American headquarters, Kumon and American Stock Transfer & Trust, among others. The redevelopment site’s current owner has approvals to build a 19-story, 552-unit complex with more than 24,000 square feet of amenity space and 14,000 square feet of ground-floor retail space, the brokers said, with the opportunity for a buyer to make modified plans.

Overpeck County Park is within walking distance, JLL added. The team also noted that the Teterboro station provides quick access to Secaucus Junction and service to Manhattan, while the on-site bus service provides a direct route to the Port Authority Bus Terminal in Midtown.

“The Ridgefield Park Development Site represents an incredible opportunity to acquire a sizable

development parcel with generous zoning and strong connectivity in an area primed for growth,” JLL wrote. The parcel, which will be delivered free and clear of existing debt, currently consists of a vacant parking lot and unimproved land.

 

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Author: Joshua Burd