New York-based L&M Development has acquired the 20-story, 436,000-square-foot New Jersey Bell Headquarters Building, an office building located at 540 Broad Street in downtown Newark, for $16.51 million. The developer plans to convert the building into 246 residential units, according to NJ Advance Media. The basement will be fit with a fitness center, a bowling alley, and storage space. The rest of the building will become apartments, except for the fourth floor, which will remain an operational Verizon switch station. Connecticut-based Amara Associates is designing the project. The building is listed on the U.S. National Register of Historic Places.
L&M Development Partners
Union Theological Seminary – located at 3041 Broadway, between West 120th and 122nd Street in Morningside Heights – is proposing to co-develop a condominium tower located on the campus’s northern quadrangle. The seminary would sell 350,000 square feet of air rights in the process, which would go towards a slender tower, potentially rising 35 to 40 stories in height. L&M Development Partners would be the developer, and the profits would go towards a needed $100 million renovation of the aging academic buildings, according to the Wall Street Journal.