Spotlight on Summit: Newmark Associates Brings Landmark Buildings to Full Occupancy
David Bieber, Managing Director at Newmark Associates CRE, has successfully brought 402-420 Springfield Avenue to 100% occupancy. Formerly the flagship location of the Sealfons specialty department store, a total of four buildings were repurposed to contain retail spaces at the Springfield Avenue street level, office suites on the second floor and a loft-type space on the third floor.
The retail leases include Greene Street, an upscale men and women’s clothing store, The Woodhouse Spa, and Bonji Bowls, a health-conscious juice and acai bowl café set to open in early 2018. Hilltop Tutoring and Solus LLC occupy office suites on the second floor, and The American Yoga School has leased the loft space on the third floor.
Mr. Bieber noted that there are some challenges to the redevelopment of downtown vintage buildings: “The nature of retail has dramatically changed with increased internet purchasing, the parking in Summit is at a premium, and the city ordinances often limit the permitted uses.” Despite these challenges, Mr. Bieber was able to meet the real estate requirements of his clients and customers.
Newmark Associates CRE, located in Cedar Knolls, New Jersey, is recognized as one of the top real estate brokerage companies by NJBIZ magazine, and by the CoStar real estate organization. Specializing in sale and lease transactions of office, retail, medical, industrial, land, and mixed-use properties, Newmark Associates’ customers range from regional start-ups to Fortune 500 companies. Certified as a woman-owned business by the Women’s Business Enterprise National Council, Newmark Associates is registered as a Supplier Diversity provider with corporate members.