HASBROUCK HEIGHTS, NJ—The rebirth of the Morristown market through multifamily developments such as Roseland's Metropolitan at 40 Park and The Residences at Vail Mansion, were part of the focus of the “Real Property Roundtable: All Eyes on Multi-Family!” hosted by the Commerce and Industry Association of New Jersey on January 23 at the Hilton Hotel in Hasbrouck Heights, NJ.

Partnering with the municipality is key to a successful project,” says panel participant Andy Marshall, executive vice president, development at Roseland. "It helps to pave the way for zoning approvals and allows you to have the certainty that your project is fully understood."

Other panelists were Michael J. Pembroke, executive vice president at Russo Development and Joel Schwartz, president of Landmark Companies. The discussion between executives focused largely on identifying the key drivers behind the surge in New Jersey multi-family development, the sources of capital contributing to that surge and what leads certain markets to prosper in this space. 

Focusing on the outlook on the market, panelists agreed multifamily demand will remain high and that this is not a bubble that we should expect to burst. "There's a ton of construction going on in New Jersey -- just look at the Jersey City market,” says Marshall. “I can say with confidence, especially based on the current strength of the Manhattan market, that New Jersey will remain stable in the foreseeable future."