From the Daily Record – July 14, 2009 (Written by Minhaj Hassan)

Real Estate Sales Start at Epstein’s

40 Park - The new condo development on the Green

The building at the center of the Epstein’s department store redevelopment project has moved closer to completion with its exterior now visible and property sales under way.

The seven-story building, known as 40 Park, located on the corner of Park Place and Market Street, has had much of its scaffolding removed, revealing a dark brown brick facade with angular bay windows and large balconies.

Debra Tantleff, a vice president at Roseland Property Co., which is developing 40 Park with Woodmont Properties, said high demand already exists for the project’s condominiums.

The number of units that have been sold was not available Monday nor were the names of retailers interested in the ground level units.

“There’s been a direct correlation between the construction progress and an increase in sales activity from both buyers interested in the homes and retailers finalizing plans at the retail space,” she said in a statement. “We’ve certainly experienced that reaction in recent months and expect an even greater level of excitement and activity once the scaffolding comes down next week.”

Mayor Donald Cresitello said he’s pleased with the progress of redeveloping the three buildings plus parking garage occupied by Epstein’s for more than 100 years, adding that the signature building looks “exciting.”

“The council and planning board spent a lot of time tweaking the architecture,” Cresitello said. “It’s shaping up nicely and it’s aesthetically pleasing.”

Steve Santola, executive vice president and general counsel of Woodmont Properties, expects the first group of residents to move in by February 2010.

Penthouse prices

The 40 Park building will contain 74 condominiums with one-, two- and three-bedroom units. Prices range from the mid-$400,000s to more than $1 million. The balcony-ringed penthousesrange up to 1,800 square feet and are priced from $1 million to $2.2 million, officials said. Parking will be provided for residents.

The homes, depending on the plan, include such upscale features as nine-foot ceilings, cherry or walnut wood floors, kitchens with granite countertops and stainless-steel appliances, marble floors in the master and secondary baths, and balconies with decorative railings and architectural bay windows.

There also is a concierge service, a lounge area that includes a fireplace, big-screen TV and pool table, a catering kitchen and a fitness center.

The building also contains 55,000 square feet of retail and restaurant space. Santola said negotiations are under way with retailers over the space.