Park11 on Franklin Avenue in Belleville — Courtesy: Tulfra Real Estate
By Joshua Burd
Tulfra Real Estate President Sonny Jumani is assuming the title of CEO, expanding his leadership role with the Rochelle Park-based development firm.
Lloyd Tulp and Salvatore V. Frassetto, the company’s founders and principals, announced the move Tuesday while noting that they will serve as co-chairmen. The shift comes 15 years after Jumani joined the firm and seven years after he was named partner and president, a period in which he has grown and managed Tulfra’s 4 million-square-foot portfolio.
“Sonny has led Tulfra Real Estate through a significant company repositioning and transformation, from an industrial real estate developer to the premier specialist in the revitalization of underperforming and underutilized commercial properties,” Tulp said. “Sonny is an indispensable leader, and we at Tulfra are excited for the next chapter, with Sonny in the lead in his new role as president and CEO.”
The firm said that, under Jumani’s leadership, Tulfra has evolved into a more well-rounded organization, with robust resources to tackle complex value-add projects. It will now continue to focus on service retail, multifamily, self-storage and industrial properties as it partners with municipalities to revive their underutilized sites.
“Redevelopment is an art, not a science,” Jumani said. “It takes years of experience to know with certainty which sites have the most potential to bring value and purpose back to their communities. At Tulfra, we are on a mission to find value and monetize these properties for our investment partners and their communities. I am proud to continue that mission as president and CEO of Tulfra Real Estate.”
The firm’s recent and ongoing projects include Park 11, a redevelopment at a former Roche Diagnostics site in Belleville, where plans call for a 500,000-square-foot, mixed-use center with a Wawa and Extra Space Storage, among other available pad sites. It recently completed site work for the project in tandem with The Hampshire Cos., its longtime joint venture partner.
Tulfra and Hampshire are also completing the redevelopment of a 20-acre former municipal site in North Haledon, having transformed the once-idle property into a 180-unit luxury apartment complex known as Molly Brook at Belmont. Occupancy is slated for Aug. 15.
Jumani added that Tulfra redeveloped 500,000 square feet during the COVID-19 crisis.
“Completing ground-up construction during the COVID-19 pandemic was no easy feat, but with more than 100 years of combined experience, we were able to tap into our skillset and specialties as a firm to see these projects move forward,” he said.