Vango Development recently announced they received final approval for a new luxury rental building in Rutherford, New Jersey. This allows construction to begin on the second phase of The Parker.
The new building will be located at 118 Park Avenue, adjacent to the first phase of The Parker which is a 52-home rental building that has reportedly maintained 100% occupancy since completion in 2019.
Anticipated to come to market in spring 2023, the four-story building will deliver 60 luxury apartments and approximately 3,000 square feet of ground-floor retail space to the downtown district. It will be two blocks from the Rutherford train station.
118 Park Avenue will be designed by Minno & Wasko Architects and Planners. The building will feature a mix of studio, one-, and two-bedroom homes. While it will have its own private entrance and lobby, it will be connected to The Parker via a shared courtyard and private parking garage. Residents will also have full access to the suite of amenities shared with The Parker
The main entrance to 118 Park Avenue will be located on Park Avenue with the rear entrance and private parking garage backing to Chestnut Street. Like The Parker, the building will occupy the entire width of a city block.
“The Parker introduced a modern lifestyle experience to Downtown Rutherford, appealing to residents with a strong balance of well-appointed residences, stylish amenities, and convenient access to New York City,” said Van Golemis, a principal of Vango Development. “We’re delighted to receive approval for the second building which will allow us to provide additional residential and retail opportunities along Park Avenue while deepening our commitment to the community at large.”