Molly Brook on Belmont at 920 Belmont Ave. in North Haledon — Courtesy: Tulfra Real Estate
By Joshua Burd
Tulfra Real Estate and The Hampshire Cos. have sold a newly built, 180-unit apartment property in North Haledon for $89 million, in the culmination of a project that was a decade in the making.
According to the firms, JLL Income Property Trust purchased the upscale complex known as Molly Brook on Belmont, located at 920 Belmont Ave., following the lease-up of the project earlier this year. Tulfra noted that its team and its partners spent 10 years planning, entitling, building and leasing the property, which repurposed a long-vacant, 20-acre site about a half-mile from William Paterson University and minutes from Route 208.
Cushman & Wakefield’s Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch represented the seller and procured the buyer.
“This transaction was a culmination of months of hard work by many professionals and we are grateful to all of them for their efforts and for making this transaction happen,” said Sonny Jumani, CEO and president of Rochelle Park-based Tulfra Real Estate.
Designed by Minno & Wasko Architects and Planners, Molly Brook spans four apartment buildings and a clubhouse with amenities such as a private kitchen, a lounge, a modern fitness center and a resort-style pool. Outdoors, residents and their guests have access to a scenic walking trail, grilling stations, on-site bike storage and a dog park.
Tulfra and Hampshire announced the property’s lease-up in July, about a year after it hit the market. Bozzuto Management will continue to serve as its leasing and management team.
In announcing the deal, Tulfra noted that Gretchen S. Wilcox, Al Raymond and Wesley Wilcox of G.S. Wilcox & Co. were the mortgage brokers for the property. Ted Millspaugh and James Moxley of Venable and Lucille Karp and Jim Ray of McElroy Deutsch were the buyer’s counsel in the sale, while Debbie Gregg and Cecilia Lassiter of Sills Cummis & Gross represented the seller.
David Ebby and Steve Anella of Faegre Drinker Biddle & Reath served as counsel to an undisclosed lender.
