Red Bank, NJ 07701
AT A GLANCE
Year founded: 1959
Number of attorneys: 61
Number of attorneys involved in commercial real estate in New Jersey: 30+
Areas of expertise in real estate: Redevelopment; land use; real estate transactions and financings; long- and short-term tax exemptions and abatements; planned real estate development; creation of condominiums; PUD governing documents; and registration of offering plans.
Our broad client base includes local/state/regional developers, publicly traded national homebuilders, banks, private lenders and private funds in property acquisition, financing, entitlements and association offering plans.
We start representing our clients from the moment the project is envisioned, and guide them through every step — including acquisitions, entitlements, sale/leasing and property management — until completion. We are recognized for finding creative solutions to complex real estate issues. Our Real Estate, Redevelopment and Planned Real Estate Development Practice Area, with its significant experience and expertise, is immersed in the entire spectrum of the process.
ON THE HORIZON
Low interest rates and migration have made housing a strong sector in New Jersey, and that will remain a big growth area for an undetermined period of time. New Jersey has a tremendous need for housing. Greenfields expansion in southern New Jersey is hot once again. Mixed-use, rental, multifamily residential and for-sale townhouse development is very active throughout the state. Redevelopment also remains a driver, as is affordable housing — rentals and townhouses. In addition, continued growth is expected for warehousing facilities in support of the burgeoning e-commerce sector.
We are immensely proud of our representation of Somerset Development, LLC in its transformative, multiuse village being built in Somerville along the NJ Transit Raritan Valley Line. The 40-acre village, known as Somerset Station, will feature 374 rental apartments, 156 for-sale townhomes, street-level retail outlets, a 4,000-square-foot civic center, a public plaza and multilevel commuter parking. Poised to further boost the borough’s extraordinary revitalization, the project is a model of public-private partnership and was finalized late last year with the sale of certain aspects to AvalonBay Communities and Pulte Homes. We have been involved since 2012 in the project and crafted creative solutions, such as a ground lease arrangement with NJ Transit related to the new multilevel commuter and site-shared parking facility, long-term tax exemptions, redevelopment bond financing with the borough to facilitate the project and connection to Route 206, and reciprocal easements to accommodate multiple end users.
Our work on the project includes negotiation of the master development agreement and commuter parking facility with NJ Transit, the redeveloper designation, redevelopment plan amendments and redevelopment agreement with the borough, land use entitlements, acquisition and construction financing and property acquisition from NJ Transit and the borough and sale of portions to AvalonBay Communities and Pulte Homes. We also counseled Somerset through historic environmental conditions and development challenges at the site.