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Two New Jersey developers have found a real estate challenge in retrofitting existing buildings for new uses.
"Escalating costs in construction make retrofit the logical answer for rehabilitating older, existing properties," says L. Robert Lieb, president of West Paterson-based Mountain Development Corp.
Mountain Development is simultaneously retrofitting two buildings, the Beaux Art office building at the corner of Sixth Avenue and 40th Street in Manhattan, and the historic 26 Journal Square office building in Jersey City's Journal Square. That building has been honored as a national landmark and entered into the National Register of Historic Places.
The CSR Group of Lyndhurst is retrofitting the Los Sures Community Center at 218 S. 4th St. in the Williamsburg section of Brooklyn and a store at 458 West Broadway in the Soho section of Manhattan.
The Beaux Art Building, located across from Bryant Park in the garment district was built in 1876 as an apartment building,...