Hanson’s John Schilp and Sigmund Schorr acted as representatives for Equinet in the deal.
Located at 47 Kossuth St., the former site of a restaurant and rooming house was approved to be developed into Irondale at Wharton, a luxury multifamily community that will feature 54 market-rate apartments consisting of 39 one-bedroom, 11 two-bedroom and four studio apartments as well as six affordable housing units with underground parking and a community gym. The community is scheduled to begin construction in the fourth quarter of 2022.
The property is located within a designated Opportunity Zone less than one mile from the intersection of Interstate 80 and Route 15 in the heart of the emerging western Morris County market.
“Today’s northern New Jersey marketplace is flooded with developers hoping to find well-located land approved to construct multifamily communities,” Schilp stated. “However, in such a complicated development landscape, it is critical for sellers to find a buyer who has the experience and vision to turn a hypothetical redevelopment project into a reality.”