Listen to this articleGarden Homes has acquired a 55-acre development site in Florham Park at the former Automatic Switch Co. headquarters.
Cushman & Wakefield announced the deal Oct. 27. According to the firm, plans for the 50 Hanover Road property will bring 305 age-restricted multifamily units to the borough. The mix will include 61 residences designated as affordable housing in support of Florham Park’s fair share housing obligation, CushWake said.
The global commercial real estate services firm represented both the buyer and seller in the transaction — Garden Homes and The Northern Trust Co. as trustee of the Emerson Charitable Trust, respectively. Financial terms were not disclosed.
Cushman & Wakefield said the property represented one of the largest redevelopment opportunities in eastern Morris County.
Executive Vice Chair David Bernhaut, Managing Director Ryan Dowd, Vice Chair Niko Nicolaou and Associate Director JP Hohl, in partnership with RePropCo‘s Brian Whitmer, represented the parties.
Florham Park adopted its round four fair share plan June 23. According to the roadmap, the total prospective need obligation totals 1,255 units. That breaks down to:
- Present need (rehabilitation) obligation 66
- Prior round obligations (1987–1999) 326
- Prior round obligations (1999–2025) 624
- Fourth round prospective need (2025–2035) 305
“We’re proud to play a role in a project that revitalizes an underused site while delivering high-quality housing in one of Morris County’s most sought-after communities,” commented Dowd. “The site’s prime location made it a compelling strategic investment for the buyer, who is committed to supporting regional housing needs and contributing to the enhancement of the local residential landscape.”
50 Hanover Road, Florham Park:
The property sits at the intersection of Hanover Road and Vreeland Road. It offers a central location amid corporate offices, retail corridors and major roadways.
“The transaction underscores the sustained investor confidence in New Jersey’s residential development market, particularly in communities with strong demographics and proximity to employment centers,” Whitmer added.
Florham Park boasts an ‘A+’ grade on Niche.com.
A Life Time Health & Fitness Center and Imagine That! are both about a 5-minute drive from 50 Hanover Road. Also within that radius, Garden Communities’ Parc North features 49 townhome and residences. The Roseland-based company’s other properties in the borough include 147 Columbia, which launched pre-leasing in March 2024. As of the beginning of this year, that property hit 90% leased.
A representative for Garden Homes did not immediately respond to a request for comment.
Automatic Switch made plans to relocate from 50 Hanover Road – but remain in the borough – in 2014 when it purchased 160 Park Ave.
