Malas Development announced it recently acquired 2.5 acres at 359 Alfred Avenue in Teaneck. The acquisition clears the way for the second phase of The Marq, the luxury rental community that has quickly gained traction in Bergen County’s competitive residential market.
The former industrial building on the site is currently being demolished and construction will begin in mid-July on a new six-story development that will add 248 rental residences to the community. The project builds on the success of the first phase of The Marq, where 80% of the 256 apartments have been leased just months after opening.
Designed by CPA Architecture, the second phase will introduce a new collection of studio to three-bedroom homes, complemented by an elevated amenity package that includes sauna and massage rooms, co-working areas, sport simulator, landscaped courtyard with pool, and a rooftop terrace. Completion is slated for the fourth quarter of 2026.
“The first building at The Marq has exceeded expectations, both in terms of leasing velocity and the overall resident experience,” Mark Malas, managing member of Malas Development said. “With demand remaining strong, we’re moving forward with the next phase to complete the vision for a cohesive, upscale residential destination in this well-connected pocket of Teaneck.”
