41-53 Lincoln Ave. in Orange — Courtesy: The Blau & Berg Co.
By Joshua Burd
A development team has closed on two parcels in Orange to complete the site of a planned 410-unit multifamily project, brokers with The Blau & Berg Co. said.
Located at 41-53 Lincoln Ave., the properties span 1.56 acres just north of Interstate 280 and steps from NJ Transit rail service. A buyer listed as Russo Acquisitions LLC purchased the land for an undisclosed price, Blau & Berg said, noting that it’s now part of a larger development site for partners Russo Development and Dinallo Construction.
Blau & Berg’s Jason M. Crimmins, Alessandro (Alex) Conte, Michael F. Schipper and Peter J. Murano Jr. represented both parties in the sale.
“The closing of these two properties marks the completion of an assemblage which began half a decade ago,” said Schipper, a senior executive director with the firm. “The sites will become part of a 410-unit transit-oriented luxury apartment complex complete with public green spaces, pedestrian walkways and 750 parking spaces at the entry of Orange train station, with Midtown Direct service to Manhattan.
“The patience of our clients and the tenacity of the development team was paramount in the completion of these transactions. We look forward to what Russo Development and Dinallo Construction will deliver in the coming year.”