1000 North Ave. in Plainfield — Courtesy: Iron Ore Properties LLC
By Joshua Burd
A development team has leased nearly two-thirds of a new 120-unit apartment building in Plainfield, reaching the milestone less than four months after unveiling the property.
According to Iron Ore Properties LLC, nearly 30 percent of new residents at 1000 North Ave. are relocating from out of state, with almost all citing new job opportunities in the pharmaceutical industry. That includes roughly 7.5 percent of renters who are coming from New York City, while another 15 percent have moved from within Plainfield.
The Millburn-based firm, which developed the property with AMJ Capital, debuted the five-story building in mid-April. The 78 leases signed represent 65 percent of the project.
“We could not be happier with the pace of lease-up, and we are excited that the building is really resonating in the marketplace,” said Josh Mann, co-managing member of Iron Ore Properties. “The amenity package, high-end finishes and easy access to the train station next door have been major driving factors for tenants. We are particularly thrilled that people moving from outside the area are recognizing the value of what we are offering in such a great location.
“This proves the strength of the Plainfield market near the Netherwood train station, and continues to validate the municipality’s leadership in putting in place redevelopment plans that are workable.”
Built by Deugen Development, its general contractor, and designed by Nastasi Architects, 1000 North Ave. has revitalized a former warehouse site just west of NJ Transit’s Raritan Valley Line. It’s also among the latest additions to Plainfield’s fast-growing stock of luxury rentals, as the municipality pushes redevelopment around its two train stations and in other key neighborhoods, seeking to lure new residents and new investment.
Amenities at Iron Ore’s building include a fitness center with training technology, multiple entertainment and lounge areas and a package room with smart technology, plus secure, on-site covered parking and building-wide WiFi and smart lock systems.
