385 Rifle Camp Road in Woodland Park — File photo/Courtesy: JLL
By Joshua Burd
Prism Capital Partners has acquired a 33-acre former corporate campus in Woodland Park with zoning in place to build up to 400 residential units, in a deal arranged by JLL.
The developer this week said the property, 385 Rifle Camp Road, is an ideal redevelopment site that benefits from its proximity to Interstate 80 and routes 46 and 3. The parcel also has sweeping views all the way to the Manhattan skyline and easy access to schools, shopping and recreation — including more than 300 acres of dedicated park space at nearby Garret Mountain Reservation — while the zoning calls for a 20 percent set-aside for affordable housing.
JLL’s Jose Cruz, Jeremy Neuer and Ryan Robertson represented the seller. Terms were not disclosed.
“At a time when New Jersey is facing a severe housing shortage, we were attracted by the opportunity to repurpose a former suburban corporate campus in an outstanding location,” said Edwin Cohen, a principal partner with Nutley-based Prism. “This is an absolutely gorgeous property, and we look forward to its next chapter — one that ultimately will provide Passaic County with a significant number of new residences, including a generous affordable housing component.”
JLL began to market the former Bank of New York property earlier this year, noting that the site is home to 172,635 square feet of vacant office space across two corporate-owned and -maintained buildings. According to TAPintoPassaic Valley, the borough of Woodland Park approved an ordinance to change the zoning to help satisfy its state-mandated affordable housing obligations.
The site could soon become the latest multifamily project for Prism, which has completed ground-up apartment properties in Woodbridge and Dunellen, plus major adaptive reuse projects in Hoboken, West Orange and Bloomfield. The 22-year-old company, with its capital partners, has invested more than $1 billion in 20 projects totaling more than 5 million square feet.
JLL: Buyer wanted for Woodland Park office campus, potential redevelopment site