65 Church St. in Montclair — Courtesy: JLL
By Joshua Burd
The site of a partially completed 74-unit apartment building in downtown Montclair is on the market for sale, in a newly launched offering by JLL.
According to the firm, the project at 65 Church St. is roughly 65 percent built, providing an opportunity for a new developer in a highly acclaimed, supply-constrained central business district. The four-story property is also approved for 112 parking spaces, 3,873 square feet of retail space and a 2,400-square-foot public plaza, JLL said, all of it at a site that is less than a mile from two NJ Transit stops with commuter rail service to Manhattan.
“Residents will have exclusive access to premier amenities including a rooftop deck with stunning views of the New York skyline, a state-of-the-art fitness room, bicycle storage, an indoor resident lounge and a convenient package room,” the listing team wrote in its marketing materials. “The development also benefits from a 30-year (payment in lieu of taxes) agreement, significantly reducing long-term tax obligations and enhancing cash flow predictability.”
JLL’s Mike Oliver, Jose Cruz, Ryan Robertson, Steve Simonelli, Elizabeth DeVesty and Austin Pierce are spearheading the offering, with support from Thomas E. Didio Jr. and Gerard Quinn of the firm’s financing team. They noted that the completed building, which will be 90 percent market-rate, will bring an infusion of luxury rentals to a submarket where the average multifamily property is more than 57 years old.
The firm added that apartment occupancy in Montclair is nearly 98 percent, with average annual rent growth of 4.2 percent over the last three years. Within the township, there are currently no properties of more than 25 units under construction.
