Now, the company is hoping to make its mark on the highly competitive multifamily residential sector in New Jersey and the larger tri-state region, officially launching SJP Residential Properties to accomplish that. SJP has also hired Allen F. Goldman away from the Hoboken, NJ-based Applied Cos. to lead the new company.

"The formation of SJP Residential Properties is a natural evolution of the platform, expertise and philosophy of SJP Properties," Pozycki explains. "Our objective is to create the same tradition we have become known for in the class A office market, in the high-end luxury residential market."

The new company, which will be based in Parsippany, will focus on developing luxury rental and for-sale properties in a market encompassing New Jersey, New York City, Westchester, Long Island and Connecticut, according to Pozycki. Specifically, SJP Residential is looking to do urban high-rise, in-fill redevelopment or suburban planned communities, both rehab and ground-up development.

"I elected to join SJP based on its reputation as an office developer," according to Goldman, who will hold the title of president of the new operation. "SJP has the staff in place to successfully develop luxury residential product."

Goldman, who has a background in mechanical engineering and once held positions with Exxon Research and Engineering and Allied Chemical before shifting over to real estate, was involved in the development of a number of high-profile residential projects during his 13-year stint with Applied. Among them are such Hudson waterfront projects in New Jersey as the Shipyard in Hoboken, Port Liberte in Jersey City, Portside Towers, also in Jersey City, and The Palisades in Fort Lee. He was also involved in the conversion of the historic Essex and Sussex Hotel in Spring Lake on the Jersey Shore into a residential property.