2 Meadowlands Plaza in East Rutherford — Courtesy: JLL
By Joshua Burd
The site of the Hilton Meadowlands Hotel and its parking lot in East Rutherford is on the market for sale, in an offering that could yield two multifamily redevelopment opportunities.
Brokers with JLL are marketing the 13.7-acre property, 2 Meadowlands Plaza, noting that a buyer could choose to keep the 427-room hotel as is or pursue a new use as a luxury residential tower. The team is also marketing the adjacent five-acre surface parking lot as a multifamily development site, noting that the parcels sit within a prominent mixed-use campus with visibility from Route 3 and the New Jersey Turnpike.
Each component would require a variance in order to be redeveloped as multifamily property, JLL said. The overall parcel is projected to trade for around $55 million.
“2 Meadowlands Plaza presents an investor with a unique opportunity to continue as hotel use or reposition the tower for current or future multifamily redevelopment, as well as an immediate opportunity to pursue multifamily redevelopment of the adjacent parking lot,” JLL wrote in its offering announcement.
The capital markets team noted that the 21-story, 319,000-square-foot Hilton was built in 1986 and renovated in 2019 at a cost of $7.7 million. Located less than a half-mile from the Turnpike, the building is currently home to 30,000 square feet of conference and meeting space and amenities such as a fitness center, a business center, a Starbucks, a restaurant and bar and others.
The property is also directly across from the Meadowlands Sports Complex, five miles from NJ Transit’s Secaucus Junction train station and less than 10 miles from Midtown Manhattan. Additionally, it’s adjacent to the well-known Metropolitan Center office building, which is not part of the offering.
JLL’s Jose Cruz, Ryan Robertson, KC Patel, Steve Simonelli, Michael Oliver and Kevin O’Hearn are marketing the property, with Peter Kim consulting on analytics and Matthew Pizzolato on financing.