Sonny Jumani has been elevated to CEO of Tulfra Real Estate, its principals, S. Lloyd Tulp and Salvatore Frassetto, announced Tuesday.
Tulp and Frassetto will serve as co-chairmen.
“Sonny has led Tulfra Real Estate through a significant company repositioning and transformation, from an industrial real estate developer to the premier specialist in the revitalization of underperforming and underutilized commercial properties,” Tulp said. “Sonny is an indispensable leader, and we at Tulfra are excited for the next chapter, with Sonny in the lead in his new role as president and CEO.”
Jumani has been a part of Tulfra Real Estate for 15 years. During that time, he managed Tulfra’s portfolio of 4 million square feet of properties. He was named partner and president of the firm in 2014.
Under Jumani’s leadership, Tulfra has repositioned itself from a developer of industrial and leasing to a complete ground-up organization, with robust resources to turn around properties with potential to add value to their communities.
“Redevelopment is an art, not a science,” Jumani said. “It takes years of experience to know with certainty which sites have the most potential to bring value and purpose back to their communities. At Tulfra, we are on a mission to find value and monetize these properties for our investment partners and their communities.”
Tulfra, headquartered in Rochelle Park, has evolved into a major redeveloper for municipalities and corporations throughout New Jersey. Independently and with its institutional partners, Tulfra has owned or developed more than $1 billion in commercial and industrial properties in northern and central New Jersey over four decades.
Tulfra has become a leader in helping communities and businesses maximize the development and income potential of their properties. Tulfra works with municipalities to transform underutilized or non-performing assets into successful projects in all asset classes including commercial, hotels, health care and residential that bring jobs and tax revenue to the community. It also helps corporations by using its experience and attention to detail in redeveloping properties into sites that meet the demands of 21st-century businesses.
Jumani said Tulfra’s focus will not change.
“We will continue to focus on four main asset classes: service retail, multifamily, self-storage, and industrial properties,” he said. “When a municipality or property owner partners with us, they access experts in investment, redevelopment, construction and leasing – all specialties that contribute to a great success story.”
Jumani said he was proud that Tulfra redeveloped 500,000 square feet during the COVID-19 pandemic, navigating the unprecedented challenge of a global shutdown that greatly slowed commercial real estate.
“Completing ground-up construction during the COVID-19 pandemic was no easy feat, but with more than 100 years of combined experience, we were able to tap into our skillset and specialties as a firm to see these projects move forward,” Jumani said.
Tulfra Real Estate, together with The Hampshire Companies, its longtime joint venture partner, completed site work at Park 11, the redevelopment of the former Roche Diagnostics site in Belleville, into a 500,000-square-foot mixed-use center featuring a Wawa and Extra Space Storage, among other available retail pads.
The firm also is completing the redevelopment of a 20-acre former municipal site in North Haledon. They have transformed the once-idle property into Molly Brook at Belmont, a spectacular 180-unit luxury rental community. The project is currently open, with occupancy scheduled for Aug. 15.
Tulfra is also currently developing the mixed-use, Village Center of Rochelle Park on the former 7.5-acre Mack-Cali and AT&T data center site. Located across the street from the Westfield Garden State Plaza, one of the largest malls in the state, the property will be home to 8,000 square feet of build-to-suit retail space, a 160-unit luxury apartment complex, and a public park. A 100,000 square-foot, 816-unit self-storage facility was recently completed and sold.
“We are now actively marketing two retail pads that offer incredible visibility and access to the main roads,” Jumani said. “We have already had a lot of activity and that is another sign that ‘business is back.’”
