Prism Capital Partners, based in Bloomfield, N.J., recently announced the 100th lease at the Residences at Edison Lofts in West Orange, N.J. Leasing began in March of 2018. The milestone marks a steady stream of progress to transform a 100-year-old factory building and surrounding grounds into a mix of residential and retail components.
Located just 8 miles west of Newark, the restored campus offers a variety of appeal. “There is nothing else like it – from the unique historical setting to the full suite of modern amenities. This distinctive nature and price point compared to those on the Hudson waterfront has contributed to sustained brisk leasing here,” says Edwin Cohen, principal partner with Prism.
The offerings include 21 penthouse homes, and 300 apartments that are divided into studios, one, two and three-bedroom homes that take advantage of original architectural features, incorporating 14 to 16-foot ceiling heights, and eight and 10 foot replica replacement windows. Historic preservation played a role in the renovation of the building which was overseen by Minno & Wasko Architects and Planners based in Lambertville, N.J.
Amenities include a recently completed theater and media screening room, a 5,000-square-foot private fitness center with Peloton bikes, heated indoor pool, sauna, personal and bike storage, a dog-washing station, and concierge service. Edison Village is also opening a self-serve, café, in which residents will pay for items with a key fob. The property’s 12,000-square-foot rooftop indoor/outdoor Sky Lounge boasts 360-degree unobstructed views of the Manhattan skyline and includes a private dining room with catering kitchen. This spring the facility intends on opening an outdoor deck with seating, firepits, and barbeque grills.
Edison Village also includes The Mews at Edison Lofts, a boutique collection of 34 one and two-bedroom homes located above 18,400 square feet of retail, and a 630-space parking structure.
Prism’s redevelopment of the grounds included new sidewalks and street lighting to enhance walkability and biking in the area. The urban landscape also features both parks and open green spaces. Vast infrastructure updates resulted in upgrades to water, sewer and electric systems. Roadways are being connected through the project to integrate it with the surrounding residential neighborhoods.
The diverse range of housing choices at Edison Village are designed to meet the needs of millennials, empty nesters, and families. Edison Village’s second phase, which is set to launch in late 2019, will further expand these opportunities by incorporating approximately 60 affordable housing units out of the 230 additional residences, slated as for-sale townhomes.
