The Delford at 120 West Passaic St. in Rochelle Park — Courtesy: Newmark
By Joshua Burd
Tulfra Real Estate is seeking a buyer for its newly completed, 160-unit luxury apartment building in Rochelle Park, having tapped Newmark to spearhead the sale.
Known as The Delford, the property opened its doors earlier this year at a site that’s adjacent to the Westfield Garden State Plaza. The brokerage team noted that the collection of one-, two- and three-bedroom homes at 120 West Passaic St. is speeding toward stabilization after as ownership executes on average 52 leases per month, benefiting from a location in central Bergen County that has no competitive properties inside a 2.1-mile radius.
Newmark’s Kevin Welsh, Brian Schulz and Gene Pride are leading the marketing effort, while the firm’s Chris Kramer and Peter Griesinger are advising on the debt. They noted that the project was built with a 30-year payment in lieu of taxes agreement with the borough, while vacancy among Class A apartments in Bergen County is roughly 3.2 percent.
The submarket, which consists of 55 properties and 12,429 units, has also grown net-effective rents by more than 17 percent since early 2021, according to Axiometrics. Newmark said that’s poised to continue given the suppressed construction pipeline and perpetual demand in the most populated county in the state.
The firm also noted that The Delford has high-end amenities and more than 300 covered parking spaces, while residents have quick access to major thoroughfares such as routes 4 and 17, the Garden State Parkway and Interstate 80. A third of the units have a patio or balcony.
‘The Delford’ opens in Rochelle Park, having already hit key leasing milestone
