(To read more on the multifamily market, click here.)

EAST ORANGE, NJ-The 14-story residential building overlooking the Garden State Parkway had been vacant for some time, falling victim to vandals and to general disrepair. But a $20-million redevelopment effort launched by the Irvington, NJ-based GLC Group is in the process of turning 60 Parkway Dr. into an upscale condominium community.

“It’s a complete transformation of the property,” says Mark Caller, principal of GLC. “It’s taking what had been a tremendous drag on the city and converting it to something really exciting for the city and Essex County.”

GLC had assumed control of the building more than a year ago after buying it in a tax lien sale, and after it had been vacated by the city. For many years a well-maintained apartment complex, it had become “severely neglected and an eyesore,” according to Caller. City officials had shut off the building’s utilities and considered tearing it down before GLC came forward with its redevelopment plans.

While “60″ will retain its existing floor plan of 14 stories and 188 units, everything else is being rebuilt, according to Caller. The redevelopment will also add such amenities as a health club, underground and deck parking, and concierge and other personal services.

“After a lengthy initial period, we’re happy to have this project going full steam ahead,” says Pinny Loketch, another GLC principal. Company officials expect to begin showing model units next month and to begin to move in homeowners by the end of the year.

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