A prime luxury residential complex in downtown Park Ridge changed hands for $117 million. The James is a Class A multifamily community consisting of 240 units and 18,000 square feet of ground-floor retail space, first constructed in 2021 at 87 Madison Avenue.
CBRE’s Institutional Properties team of Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, and Travis Langer partnered with Roland Merchant and Tom Pryor of CBRE’s Investment Banking team to represent the owner, Veris Residential.
“Following the $85 million disposition of Signature Place in Morris Plains for Veris Residential last month, we’re pleased to advise the company in the disposition of another trophy multifamily asset in suburban New Jersey,” commented CBRE’s Jeffrey Dunne. “The James is well positioned in downtown Park Ridge, benefiting from the area’s affluent clientele and proximity to the Park Ridge train station.”
The property consists of studio, one- and two-bedroom apartments with a broad offering of modern amenities. Residents enjoy a broad array of upscale amenities including a fitness center, coworking spaces, a yoga and spin studio, plunge pool, game room, an outdoor lounge with fire pits and barbecues, and multiple clubrooms.
The Bergen County property is just steps from the Park Ridge NJ Transit station, allowing residents easy access to Manhattan and greater New Jersey. Renters are moments from local restaurants, services and retail. Park Ridge is also known for its top-ranked public schools.
