400 new multifamily residential units will be coming soon to a former corporate office campus in Woodland Park, with 20% set aside for affordable housing. Prism Capital Partners acquired 33 acres located at 385 Rifle Camp Road. With a zoning approval already in place, the firm is set to move on a redevelopment plan that will bring much-needed new housing to Passaic County.
Edwin Cohen, principal partner at Prism discussed the project, “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.”
Situated on First Watchung Mountain, 385 Rifle Camp Road is nestled between 225-acre Rifle Camp Park and the 568-acre Garret Mountain Reservation. Gorgeous Lambert Castle is nearby as well. The area served as both a significant vantage point and rifle camp for colonial soldiers during the Revolutionary War. Today, the site offers panoramic views that include the Manhattan skyline and affords convenient access to I-80, Routes 3 and 46 as well as shopping, schools and dining.
Cohen continued, “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.”
Based in Nutley, Prism Capital Partners specializes in adaptive repurposing and re-use of former industrial buildings and surplus corporate facilities, as well as new construction. Some of their significant projects include Edison Lofts in Edison, Wonder Lofts in Hoboken, The Nell in Dunellen, and Avenue & Green in Woodbridge.
Jose Cruz, Jeremy Neuer and Ryan Robertson from JLL represented the seller, Bank of New York Mellon.
The financial terms of the transaction have not been made public.
