The James is named for actor James Gandolfini, perhaps best-known for his work on “The Sopranos,” and a Park Ridge native. In fact, his son Michael Gandolfini was on hand to debut the 240-unit multifamily property when Claremont Development cut the ribbon on its project in 2021.
On July 21, Cushman & Wakefield announced it completed the sale of The James for $130 million.
The James’ amenity suite includes:
• social and entertainment lounges • billiards • shuffleboard • fitness center • tasting room • coffee bar• coworking spaces • private offices • patio dining • barbeques • outdoor pool
See more of the space in our slideshow.
Brian Whitmer, Niko Nicolaou and Ryan Dowd represented the seller, Claremont, in the transaction.
In March, Veris Residential announced it entered an off-market transaction to acquire the property at a 4.0% cap rate.
“The James was the ideal addition to our existing portfolio, as we continue to progress our transition to an environmentally and socially-conscious, pure-play multifamily REIT—its immediately earnings accretive, its 2021 vintage is consistent with the comparatively six-year average age of our portfolio relative to peers, its strong sustainability credentials align with Veris Residential’s new brand ethos, and its extensive amenity offering provides residents with the health and wellness services they are seeking in the comfort of their homes,” Veris Residential CEO Mahbod Nia said in a statement to NJBIZ.
“Importantly, we were able to recycle capital and use a 1031 exchange to purchase the property in an off-market transaction,” he added, “while furthering our regional diversification by entering the strong demographic market of Park Ridge.”
Located at 87 Madison Ave., The James is within walking distance to retail, dining and entertainment in addition to the town’s NJ Transit station. It features a mix of studios, one- and two-bedroom units; 20 are set aside for affordable housing.
At street level, The James includes 17,600 square feet of retail space and an outdoor plaza.
“The property’s location in one of Bergen County’s best downtowns is one of the main drivers for selecting this site for redevelopment and ideally positions the property for long term stability and growth,” said a representative of Claremont Development. “This newly built, luxury residential and retail complex features modern amenities including a gym and outdoor pool and is representative of the best-in-class construction which we always strive for as part of our development philosophy.”
Leasing opened at the building in June 2021, by the time the younger Gandolfini helped to officially cut the ribbon at the property, Claremont said it was already 50% leased.r