Morristown Stands Out as State’s Biggest Success Story After 40 Park and Metropolitan Earn 16 Awards

40 Park in Morristown

40 Park Named “Community of the Year”

Downtown Morristown took center stage at the 2011 Sales and Marketing (SAM) Awards held recently in Atlantic City. Morristown’s 40 Park was named “Community of the Year,” capping off a thrilling night in which an amazing 16 awards went to the new luxury condominium building and its sister rental building, Metropolitan at 40 Park.

40 Park garnered 13 awards as it virtually swept through the competition at the 24th annual SAM Awards, which is sponsored by the New Jersey Builder’s Association and annually recognizes excellence in residential design and marketing and sales programs within New Jersey.

The 76-home condominium building overlooking the Morristown Green added to its impressive list of accolades, which includes two prestigious national awards from the National Association of Homebuilders: The 2010 Pillars of Industry award for “Best Mid-Rise Condominium” and the Best in American Living Platinum Award for “High-Rise Multi-Family Buildings Six Stories and Over.” 40 Park is currently 75% sold and over 60% occupied.

The Metropolitan at 40 Park, a 130-unit rental building that is fully leased up, won three SAM awards. Both communities were developed by joint-venture partners, Roseland Property Company and Woodmont Properties.

The award-winning night underscored Morristown’s emergence as one
of the state’s most desirable places to live, as well as the successful transformation of its downtown into a dynamic urban setting comprising a variety of restaurants, cafes, boutique shops, theater, mass transportation and upscale residences.

“It was an extraordinary night,” said Debra Tantleff, a Vice President of Development for Roseland Property Company. “Morristown is just an exceptional town which is why we’re so committed to creating new opportunities for residents to live in the heart of downtown and enjoy all that the area has to offer. The sales and leasing activity we’ve experienced at our communities provide vivid proof that Morristown is in high demand, and we’re thrilled that our success has been recognized in such dramatic fashion.”

With nine new contracts taken since January, several floor plans that are completely sold out and 50% of the building’s 13 penthouses now sold, 40 Park shows no signs of slowing down. Activity in the sales office has been steady, as buyers want to make sure they get the floor plan they are looking for before it is too late.

Located in a distinctive seven-story building, the residences feature a variety of one-, two- and three-bedroom floorplans. The remaining Signature residences are priced from the $700,000s, while the remaining penthouses — which include up to 2,800 square feet of living space and private terraces of up to 1,800 square feet of outdoor living space — start at $1.2 million.

40 Park residents also enjoy The Park Center, a private amenity floor with a state-of-the-art fitness center, billiard tables, flat screen TVs and a media room. The homes also come with private, indoor parking and concierge service.

40 Park and Metropolitan at 40 Park are part of a $300 million redevelopment investment in downtown Morristown made by the Roseland/Woodmont partnership.

The developers also built The Highlands at Morristown Station, the fully-leased, 217-residence luxury rental community adjacent to the Morristown Train Station which is part of the state’s Transit Village Program, and restored the historic Vail Mansion, the former home of AT&T’s first president, Theodore N. Vail. The partnership converted the mansion into 36 elegant condominium homes that quickly sold out, while taking great care to preserve the historic character and charm of the original residence.

The Roseland/Woodmont commitment to Morristown extends beyond residential development and historic conversions. Bringing in the right complementary retail to the community is a key part of the partnership’s development plans, so 70,000 square feet on the first floor of 40 Park and Metropolitan at 40 Park was committed to retail space. “The Shops on the Green” currently includes such upscale tenants as Roots Steak House, Urban Table, an AT&T retail store and Qdoba Mexican Grill, while Starbucks recently signed a lease to open a new location. Discussions with additional tenants are underway.

For more information on 40 Park, call 973-359-0010, or visit www.40park.com. The community is located at 40 W. Park Place, Morristown, NJ 07960.

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