Prism Receives Site Plan Approval for Multi-Family Adaptive Reuse

Top Quote Townships Vote Unanimously on Parkway Lofts Project; Spring Start Expected. End Quote
  • Newark, NJ (1888PressRelease) January 29, 2011 - Commercial real estate owner/operator Prism Capital Partners, LLC has received Phase I site plan approvals for The Parkway Lofts, a multi-family adaptive reuse project in Bloomfield and East Orange, N.J. Both townships voted unanimously to accept Prism's plan to convert a 113-year-old, 365,000-square-foot industrial property, located on the Garden State Parkway, into 355 loft-style apartments.

    The firm intends to commence construction in the spring of 2011.

    In 1897 the General Electric Company built the six-story landmark warehouse building that will become The Parkway Lofts in 1897. "We identified a terrific opportunity to convert the structure to multifamily using the full, 17-foot floor-to-floor ceiling heights and heavy floor loads to add a penthouse level and a new intermediate second floor," noted Prism's Edwin Cohen, principal partner. "At the same time, we will preserve many original architectural features of the building."

    This includes 15-foot, quilt-panel windows that accentuate its breathtaking views of New York City to the east and the Watchung Mountains to the west. The redevelopment's Phase I also includes the construction of a three-level parking facility. At build out, the 14.5-acre site will be transformed into a distinctive, high-density residential village also featuring 150 for-sale townhomes, a clubhouse and other lifestyle amenities, to be built as part of Phase II.

    "The Parkway Lofts project represents not only a major transformation of an iconic, but dated, industrial property, but the rebirth of an entire neighborhood," Cohen noted. "When we purchased the site in 2005, we could see its potential. We are pleased that Bloomfield and East Orange saw the value in our vision as well, and we look forward to moving forward to make it a reality."

    Residents with immediate access to the Garden State Parkway as well as high-speed rail service to New York City via the Watsessing Avenue Rail Station, located less than 100 yards from the development.

    Headquartered in Englewood, N.J., Prism is an experienced real estate owner/operator with a proven track record of creating value through select real estate investments and developments. Geographically focused in the tri-state region of New York, New Jersey and Connecticut, Prism specializes in identifying, acquiring and creating unique, value-added opportunities in the office, retail, industrial and residential markets. Since its inception in 2002, the firm has orchestrated the repositioning of an impressive list of properties and projects.

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