The new Jersey City apartment building known as Birch House has an abundance of green space on its roof and throughout the property. — Courtesy: Halpern Real Estate Ventures
I’d venture to say that green design is still underappreciated as a practice and as an industry within the broader commercial real estate sector. I’ll even take some ownership of that, as someone who is meant to highlight where the market is and where it’s going in the great state of New Jersey, including the increasingly important topic of sustainability.
That’s our focus in this month’s cover story, where we explore some of the more cutting-edge, eco-conscious features that multifamily builders are weaving into their projects. That includes everything from rainwater recycling to on-site composting systems that produce fertilizer for landscaping, as we find in a new luxury rental property in Jersey City. Halpern Real Estate Ventures, the developer of what’s known as Birch House, says those choices stem from the firm’s own corporate philosophy and a desire to meet the market where it’s going, even if those features are not quite widespread in New Jersey (not yet, anyway).
“One of the key things that renters are looking for today is green and sustainability and outdoor space,” said Joel Halpern, president and managing director of investments with Halpern. “So if that’s what the tenants are looking for, that’s what we want to provide.
“The investment we made is also the differentiating factor. It’s what allows the Birch House to stand out among the pack.”
Our March issue also has a deep dive on Denholtz Properties’ new rescue capital fund, which it announced late last fall. The Red Bank-based firm is now raising $100 million for the platform, seeking to invest $5 million to $25 million per project in the form of preferred equity or mezzanine debt, with a clearly stated mission of helping fellow developers that face refinancing obstacles, unmet sale projections and other temporary capital challenges. It’s doing so with a focus on the multifamily sector, with the ability to draw on its own vertically integrated, in-house team to find investments and bring them to fruition.
Elsewhere in this edition, we detail how New Jersey’s nation-leading community solar program is entering a new phase as it transitions from a pilot period to a permanent model. That has many warehouse owners racing to expand their participation after kicking the tires during the earliest phase, which began nearly five years ago, in a program that allows them to lease their rooftops to solar developers and secure new income for previously unused space. It has fueled a surge in applications for the newly enshrined program.
“Adoption is becoming much more mainstream,” said Shaun Keegan, co-founder and CEO of Solar Landscape, an Asbury Park-based developer and owner of solar panel systems, adding: “The concept is being proven out and there is a gigawatt-plus of potential. There are so many uncovered roofs out there.”
You can find those stories and more in the latest issue of Real Estate NJ, including an update on a high-profile industrial project by our own publisher, Paul Profeta, in an enviable location along the New Jersey Turnpike. Until next time, thanks for reading and enjoy the issue!
Joshua Burd
Editor
