Page 27 - CooperatorNews New Jersey Spring 2022

NJ.COOPERATORNEWS.COM COOPERATORNEWS NEW JERSEY —SPRING 2022 27 Advertise In The CooperatorNews New Jersey Marketplace —Call 212-683-5700— Target Key Decision Makers In The Condominium, Co-op and HOA Community By Placing Your Ad Here MARKETPLACE For schedule and ad rates, contact Fred Marks at (786) 404-1701. LAUNDRY Please submit Pulse items to Darcey Gerstein at darcey@cooperatornews.com owners and professionals that identifies ket when we acquired these assets,” says community associations issues, monitors Nate Kline, a OneWall partner and chief pending legislation, and sets legislative investment officer, “and we are excited priorities. StreetInsider reports that Magid and urban markets in regions with abundant his fellow LAC members were also hon- ored with the Committee of the Year award at the same February 24 event. Magid has also served on the CAI Na- tional Association of Professional Com- munity Managers (APCM) Board and is a $53 million sale of a 301-unit housing currently serving on the Community As- sociation Managers International Board of Commissioners (CAMICB)—the in- ternational organization that administers East Orange transactions, while also help- the CMCA® designation. “We are ecstatic that CAI recognized team for these transactions included vice Jim for his endless dedication to the in- dustry through his involvement with the emy Neuer, Steve Bardsley, David Gavin, organization,” says Donna Fiore, senior Rich Gatto, Fahri Ozturk, Travis Langer, vice president, Condo/HOA, FirstService and Zach McHale. Residential. “Congratulations to Jim on this well deserved honor.” Transactions OneWall Communities Sells Two Newark Properties for $30M OneWall Communities, a Stamford, Connecticut–based owner and operator of transit-oriented and suburban lifestyle workforce housing throughout the East Coast, announced via press release that it sold a 191-unit portfolio of two mul- tifamily rental properties in Newark for $30 million. OneWall acquired the properties, lo- cated at 103 Chancellor Avenue and 25 Churchill Road between Edgewater and Van Velsor Place in the Weequahic neigh- borhood, from 2017 to 2018, says the terfront town of North Bergen. release, then repositioned and upgraded them with common area improvements, tectura, the 15-story building features 70 physical plant upgrades, and in-unit ren- ovations. Located between I-78 and Route 22, and wellness. the market rate apartments are near the business district as well as transit options and amenities that rival a five-star resort, and employment opportunities, accord- ing to the release. Rents for the mostly building, but also a welcome retreat from one- and two-bedroom units are well be- low competing properties on the market. “OneWall correctly identified long- term growth trends in the Newark mar- to continue our investment focus in sub- employment opportunities.” The sale comes on the heels of One- Wall’s $97 million acquisition of a 459- unit garden-style apartment complex in Temple Hills, Maryland, in February, and portfolio in East Orange in January. CBRE Institutional Properties repre- sented OneWall in both the Newark and ing secure a buyer in both cases. CBRE’s chairman Jeffrey Dunne, as well as Jer- “We are very pleased to have repre- sented OneWall Communities in this sale,” says Dunne. “The value-add poten- tial of the assets drew significant interest from the investor community. The buyer thoroughly understood the portfolio’s po- tential from the outset and acted quickly and aggressively to secure the deal.” DeveloPMent Solaia Luxury Condos Welcomes Residents According to developer Skyline Devel- opment Group, immediate occupancy is now available at Solaia, located at 8701 Weehawken in the Hudson County wa- Designed by Fort Lee-based Archi- high-end homes and 10,000 square feet of amenities designed to emphasize health “With a focus on a healthier lifestyle Solaia was envisioned as not only a luxury the daily hustle and bustle of city living,” says founder and chief executive officer of Skyline Development Group Louis Mont. “With our first residents now call- ing Solaia home, the vision for this build- ing has become a reality. There’s a new energy and a strong sense of community beginning to permeate throughout Solaia as homeowners experience all the one- of-a-kind amenities found right outside their door. The vibrancy of Solaia will surely be reflected on prospective pur- chasers who visit our sales gallery and model residence.” The Marketing Directors serves as the exclusive marketing and sales agent for Solaia’s one-, two-, and three-bedroom homes, most with private outdoor space. A new release of homes is priced in the $600,000s. Greek Orthodox 55+ Condo Resumes Construction Website MyCentralJersey.com reports that development of the St. Demetrios Housing for Active Adults condominium, which had been paused due to the coro- navirus pandemic, resumed as 2021 came to a close. During a Christmas banquet, reports the outlet, building restarted on the 27-unit, 55-and-older community along the waterfront in Perth Amboy. Designed by architect Kurt Ludwig, the complex will have one- and two- bedroom units and a 300-person multi- purpose community center, with the in- tention of building a community offering an Orthodox way of life. Completion is expected in 2024. The banquet, which took place at the Grand Marquis in Old Bridge, according to MyCentralJersey.com, was held by the Philotimo Housing Urban Corporation and the Greek Orthodox Metropolis of New Jersey. The Philotimo Corporation was created as a not-for-profit real estate developer with the mission to construct the St. Demetrios housing complex at the corner of Sadowski Parkway and Wisteria Street, near the St. Demetrios Greek Or- thodox Church. About 175 people attended the ban- quet, including His Eminence Arch- bishop Elpidophoros (Lambriniadis) of America, who remarked this event was to “re-initialize this wonderful and vital project.” SaFetY Balconies Off -Limits at Atlantic City Condo Aft er sending a letter to residents of the Ocean Club Condominiums in Atlantic City telling them to stay off their balconies due to a structural safety issue, the complex’s board went one step further and had the balcony doors screwed shut, according to reports from News 12. According to the board’s letter, the balco- ny doors are not considered points of egress for fi re safety, so their closure does not pose a hazard. Th ey will also still be able to open up to three inches for ventilation. Th e enhanced safety precaution comes aft er the balconies were found to have struc- tural problems including damaged anchors and loose concrete. A deck on the sixth fl oor is also closed, and the letter to residents states that sidewalks next to the building will soon be covered in scaff olding. While some residents tell News 12 that they appreciate the board’s proactive ap- proach and concern for safety, others are unhappy about the potential loss of their balconies during the upcoming spring and summer months. It is not clear how long the doors will be screwed shut or how long it will take to repair the balconies, says News 12. “I’m on \[fl oor\] 15 and I have two balco- nies. I also have a puppy that uses the bal- conies, which is my biggest concern,” says resident Debbie Blank. “I’m told it could be until May. Yeah, I’m frustrated. Who wouldn’t be?” “I like the idea that we’re on top of it, try- ing to address it before something does hap- pen,” says resident Robert Wright. “To me, that’s what’s most important. To see some- one come falling off and then \[say\], ‘Oh now we need to address the balconies,’ would be problematic.” “I use mine regularly in the summer, so hopefully it won’t be too long,” he contin- ues. n