Malas Development, led by brothers Zack and Mark Malas, has closed on the acquisition of 2.5 acres at 359 Alfred Ave. in Teaneck, clearing the way for the second phase of The Marq, a luxury rental community. Financial terms were not disclosed.
Demolition of the former industrial building on the site is underway, with construction scheduled to begin in mid-July on a new six-story development that will add 248 rental residences to the community. The project builds on the success of the first phase of The Marq, where 80% of the 256 apartments have been leased just months after opening.
Designed by CPA Architecture, the second phase will have studio to three-bedroom units, complemented by amenities such as sauna and massage rooms, co-working areas, sport simulator, landscaped courtyard with pool, and a rooftop terrace. Completion is slated for the fourth quarter of 2026.
“The first building at The Marq has exceeded expectations, both in terms of leasing velocity and the overall resident experience,” said Mark Malas, managing member of Malas Development. “With demand remaining strong, we’re moving forward with the next phase to complete the vision for a cohesive, upscale residential destination.”
The acquisition and launch of construction mark the final step in Malas Development’s effort to transform a light industrial stretch of Alfred Avenue into a residential enclave. Together, both phases of The Marq will deliver over 500 new residences minutes from the George Washington Bridge and northern New Jersey business and retail centers.
The first building, located at 329 Alfred Ave. features a mix of studio, one- and two-bedroom layouts, including loft-style homes on the top floor. Rents start from $2,495, with limited-time incentives currently available. The building is now home to more than 150 residents.
Residences at The Marq have spa-inspired baths, in-unit washer/dryers, walk-in closets, and kitchens with full-size stainless-steel appliances, quartz countertops, and soft-close cabinetry. Select homes feature high ceilings, private balconies, and large kitchen islands.
Residents also have access to indoor and outdoor amenities such as a landscaped courtyard with a pool and fire pits, co-working spaces, private conference rooms, resident lounges, pet spa, concierge service, and a fully equipped fitness center. There is on-site parking with EV charging, package lockers, and bike storage.
The Marq is located near the Cedar Lane shopping district and downtown Englewood, with proximity to retail destinations like The Shops at Riverside. Cultural venues such as Bergen PAC are also nearby. Commuters benefit from quick access to routes 4, 80, and 95, as well as NJ Transit bus service into Manhattan.
