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RUSSO ACQUIRES VACANT WAREHOUSE FOR MULTIFAMILY REDEVELOPMENT

KEARNY, N.J. — Russo Development has acquired a 190,000-square-foot vacant warehouse, located at the intersection of Schuyler and Bergen avenues in Kearny. The 7.5-acre site will be redeveloped into Schuyler Crossing, a multifamily project that will contain 232 apartment units and 20,000 square feet of retail space. The structure has been demolished and site improvements are already under way. Vertical construction is scheduled to begin in mid-2009. The seller, as well as the sale price, was not disclosed.

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