MALAS DEVELOPMENT ACQUIRES SECOND TEANECK SITE TO ADVANCE NEXT PHASE OF THE MARQ LUXURY RENTAL COMMUNITY
248-Unit Building Will Follow Strong Leasing Activity at Phase One
TEANECK, NJ – Malas Development has closed on the acquisition of 2.5 acres at 359 Alfred Avenue in Teaneck, NJ, clearing 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.
Demolition of the former industrial building on the site is currently underway, with construction to 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,” said Mark Malas, Managing Member of Malas Development. “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.”
The acquisition and launch of construction mark the final step in Malas Development’s effort to transform a light industrial stretch of Alfred Avenue into a vibrant residential enclave. Together, both phases of The Marq will deliver over 500 new residences minutes from the George Washington Bridge and key northern New Jersey business and retail centers.
The first building, located at 329 Alfred Avenue, features a mix of studio, one- and two-bedroom layouts, including loft-style homes on the top floor. Rents start from $2,495, with limited-time incentives currently available. The building is now home to more than 150 residents.
Residences at The Marq are appointed with modern finishes, including spa-inspired baths, in-unit washer/dryers, spacious walk-in closets, and luxury kitchens with full-size stainless-steel appliances, quartz countertops, and soft-close cabinetry. Select homes feature soaring ceilings, private balconies, and large kitchen islands.
Residents also enjoy access to a full suite of indoor and outdoor amenities, such as a landscaped courtyard with a pool and fire pits, co-working spaces, private conference rooms, resident lounges, pet spa, concierge service, and a fully equipped fitness center. On-site parking with EV charging, package lockers, bike storage, and secure access round out the offerings.
The Marq is located near the Cedar Lane shopping district and downtown Englewood, with proximity to major retail destinations like The Shops at Riverside. Cultural venues such as Bergen PAC are also nearby. Commuters benefit from quick access to Routes 4, 80, and 95, as well as NJ Transit bus service into Manhattan.
For more information or to schedule a tour, visit www.themarqteaneck.com or call (844) 620-9149.
About Malas Development
Led by brothers Zack and Mark Malas, Malas Development is a dynamic residential and commercial real estate firm rapidly expanding its footprint in northern New Jersey. Based in Rochelle Park, the company’s diverse portfolio spans the Hudson County waterfront to some of Bergen County’s most sought-after municipalities. Its residential developments range from condominiums and mid-rise rentals to high-rise apartment buildings, while its commercial holdings include nearly 40,000 square feet of retail space. From planning and design to construction and execution, Malas Development is deeply involved in every stage of a project’s lifecycle, ensuring the highest standards of quality and a responsible approach that considers the broader community. A strong reputation for delivering thoughtfully designed, high-caliber properties has enabled the firm to grow its presence in core markets while strategically expanding into new regions.
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