JV partner sought for development project

Real Estate Weekly,  Nov 14, 2007  

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Eastern Consolidated is seeking an equity or joint venture partner to invest in a mixed-use development on 3.2 acres, in Irvington, N.J.

Located on four contiguous lots in Essex County, the property has four addresses: 1030 Stuyvesant Ave., 1034-1052 Stuyvesant Ave., 10-30 Mill Road and 32-34 Mill Road. The Eastern Consolidated team of Jeffrey B. Troy, senior director; Peter Carillo, director; David Lever, director; and Zachary Bennett, financial analyst, are marketing the site.

"The site can accommodate a four-story mixed-used development with approximately 30,000 s/f of retail, over 140 residential units, and ample on-site parking for both residential and retail," said Troy, "and the offering represents an ideal opportunity to establish a foot-hold in Essex County, the second most densely populated county in the state next to Hudson."

"Many residents commute to Manhattan from Essex County," added Carillo, "and a plethora of major corporations are headquartered there including Prudential, Dun and Bradstreet, Anheuser-Busch, ADP, Hoffmann-LaRoche, CIT Group and Newark Airport. Due to the project's proximity to Maplewood and Union County as well as this being one of the few urban area development sites that will include off street parking for the retail component, this site is likely to generate great interest."

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