A redevelopment effort that will add over 500 total apartments to Teaneck’s housing stock is moving forward with its next portion of work as 2.5 acres of land for the project has officially changed hands.
Malas Development announced that they have closed the acquisition of 359 Alfred Avenue in Teaneck. The purchase clears the way for the second phase of The Marq, a luxury rental community that opened its first 256-unit phase earlier this year.
Demolition of a former industrial building that once housed a business called Ledoux & Co. is currently underway following the transaction, with construction expected to begin in mid-July.
Designed by CPA Architecture, the second six-story phase will add 248 rental residences to the community, spanning from studios to three-bedroom homes. Planned amenities at the second phase include sauna and massage rooms, co-working areas, a sports simulator, a landscaped courtyard with a pool, and a rooftop terrace.
The project aims to build on the success of the first phase of The Marq, which is now home to over 150 residents. Amenities at the first building include a landscaped courtyard with a pool and fire pits, co-working spaces, private conference rooms, resident lounges, pet spa, concierge service, and a fully equipped fitness center.
Malas Development says that 80% of the 256 apartments in the first phase have been leased in the months since the complex opened, with rents starting from $2,495 per month.
“The first building at The Marq has exceeded expectations, both in terms of leasing velocity and the overall resident experience,” said Mark Malas, Managing Member of Malas Development. “With demand remaining strong, we’re moving forward with the next phase to complete the vision for a cohesive, upscale residential destination in this well-connected pocket of Teaneck.”
The acquisition and launch of construction mark the final step in Malas Development’s effort to transform a light industrial stretch of Alfred Avenue into a vibrant residential enclave. Completion of the entire complex is slated for the fourth quarter of 2026.
