34 Bank at 34 Bank St. in Netcong — Courtesy: CrownPoint Group LLC
By Joshua Burd
A developer is hailing the lease-up of a new 126-unit apartment complex in Morris County that has revitalized the former site of a blighted industrial property.
The firm, CrownPoint Group LLC, said the milestone comes less than a year after the launch of leasing at 34 Bank St. in Netcong. That success is due in part to the site’s location near the borough’s downtown, the firm said, along with views of the Musconetcong River and its proximity to Lake Hopatcong.
CrownPoint first acquired the 4.8-acre site in 2019, under a joint venture with Circle Squared Alternative Investments and The Hampshire Cos. The developers razed the dilapidated manufacturing complex on the property and broke ground in late 2019, paving the way for the launch of leasing last December and completion this past summer.
“CrownPoint had a vision for transforming an obsolete industrial building into an institutional-quality apartment community in an underserved area of New Jersey,” said Michael Legacki, vice president of CrownPoint Group. “We’re excited to have brought this product to market and to meet the growing demand for a modern, world-class apartment community in burgeoning Netcong.
“This development offers residents prime access to both highways and mass transit. We’re grateful to the town of Netcong for working with us to bring this project to fruition and we know it will continue to catalyze the downtown area’s economic growth.”
Dubbed 34 Bank, the four-building complex features one- and two-bedroom units with high-end design and appliances. The pet-friendly property offers a walking trail, grilling stations, a fitness center, co-working amenity space for hybrid and remote workers and electric vehicle charging stations.
CrownPoint also noted that the property is within walking distance of NJ Transit rail service with direct access to Manhattan and proximate to the intersection of Interstate 80 and routes 46, 206 and Route 10.
Phillips Asset Management serves as the property manager and leasing agent for 34 Bank.
Developers break ground on 126-unit rental project in Netcong
