By Joshua Burd
A Brooklyn developer has acquired a former watchcase factory in Riverside, where it now hopes to convert the landmark building into 64 luxury apartments.
That’s according to multiple published reports. The buyer, Watchcase Joint Venture Associates LLC, reportedly paid $125,000 for the historic Keystone Watchcase Co. building in late November and has submitted a proposal to local officials for the adaptive reuse project.
A story by The Philadelphia Inquirer said the purchaser, which has built a mixed-use project in North Hanover, “plans to move ahead quickly with a multimillion-dollar renovation.” The building is a former factory that made gold-and-silver-plated cases for pocket watches in the early to mid-1900s, the report said, before becoming the headquarters of an engineering firm in recent decades.
The seller of the seven-story building is Watchcase Office Complex, a New Jersey general partnership. The report said the property is on the National Register of Historic Places.
A township official told the Inquirer that the new owner is finalizing its site plans and hopes to go before the planning board in the first quarter.
For more, see last week’s story by the Inquirer.
More New Jersey real estate headlines
As John Palmieri exits CRDA, he reflects on his time in charge (Press of Atlantic City)
100 trees felled for solar project in office park (The Record)
Loft conversion underway at former hat factory in Orange (Jersey Digs)
Editor’s note: The Rundown is a regular feature by Real Estate NJ in which we recap commercial real estate stories and headlines from across the state.