Apartment Building In Montclair Sells For $96 Million

MONTCLAIR, NJ — A real estate development firm recently bought a 200-unit apartment building in downtown Montclair for more than $96 million.

Tishman Speyer announced its purchase of Two South Willow for $96.15 million last week. The 172,279-square-foot multi-family property is located at 2 South Willow Street. It is currently 98 percent leased.

Completed in 2021, the building includes 180 market rate and 20 affordable units, which range in size from studio to two bedrooms. The building also has a mix of street-level retail space. Amenities include a fitness center, activated roof deck, resident lounge, interior courtyard, barbecue grills and a 203-space parking garage.

Tishman Speyer said it plans to undertake a “series of targeted enhancements” to the lounge, roof deck, common areas and mechanical systems. The company also intends to reorient the lobby and add a co-working lounge and pet washing station.

“Two South Willow offers an elevated customer experience curated with high-quality modern finishes, robust amenities and a dynamic mix of restaurant and experiential retail offerings, all set within a premier New Jersey town with direct transit to Manhattan,” Tishman Speyer managing director Albert Schmool said.

The firm has also recently announced other recent developments in North Jersey.

Earlier this month, Tishman Speyer announced that it secured full financing and will commence construction on 50 Hudson Street, the second of a two-tower development that will bring more than 2,000 apartments, over 70,000 square feet of retail and an approximately 32,000-square-foot plaza to Jersey City’s waterfront.

Send local news tips and correction requests to eric.kiefer@patch.com. Learn more about advertising on Patch here. Find out how to post announcements or events to your local Patch site.