Leasing Now Open For River Road Apartments In Chatham

CHATHAM, NJ — Construction on the 245-unit luxury apartment complex in Chatham Borough has been officially completed, according to developer BNE Real Estate Group.

Municipal officials and other local dignitaries joined principals from BNE Real Estate Group on Tuesday to officially open The Ivy, a brand-new rental community that delivers a sophisticated residential lifestyle to the historic and charming borough.

A ceremonial ribbon cutting signaled the launch of leasing at the new community, which is located at 2 River Road, just minutes away from Chatham’s vibrant downtown and train station.

The Ivy was initially approved by the borough in 2021 and has since been marketed as a luxury apartment complex with a mixture of 37 affordable housing units.

A variety of one- and two-bedroom floor plans will be available, with select premium homes offering additional den space. Upscale finishes and appointments include 9’ to 11’11” ceilings, luxury plank flooring, and designer kitchens with quartz countertops, polished tile backsplashes, stainless steel appliances, wine refrigerators and gas ranges.

The homes are offered at monthly rents starting at $3,300, and immediate occupancy is available.

“From the very inception of this development in this exceptional Chatham location, BNE set out to surpass all expectations. Today, as we stand in this remarkable building, I am confident that we have achieved just that,” said Jonathan Schwartz, Partner at BNE Real Estate Group.

“We have collaborated with top talent partners and customized every element to ensure that The Ivy will not only offer an unparalleled residential experience but will also serve as a symbol of elegance, sophistication, and a commitment to enhancing the traditions of this well-established community,” Schwartz continued.

At The Ivy, multi-seasonal amenity spaces have been designed to blur the boundaries between indoor and outdoor living, officials said.

Residents can enjoy a convenient lifestyle with access to a 24-hour concierge, a dynamic co-working space with private offices, a resident coffee bar, a smart vending café, and complimentary shuttle service to the adjacent train station.

Outdoors, residents can enjoy 18,000 square feet of "paradise" spanning three courtyards and featuring a refreshing swimming pool, private cabanas, firepits, private BBQ dining areas, an outdoor movie lawn, and a covered outdoor lounge designed for year-round enjoyment.

“Today marks a significant milestone for Chatham as we welcome The Ivy, a distinguished addition to our residential landscape,” said Chatham Mayor Thaddeus Kobylarz. “This sophisticated rental community not only reflects the appeal of our borough but also symbolizes a commitment to elevating the living experience for our residents."

The project is being funded through a Payment in Lieu of Taxes (PILOT) deal adopted via ordinance by the Borough of Chatham Council. Chatham Borough Council member Jocelyn Mathiasen previously stated that the financial agreement will generate $49 million in revenue.

PILOT agreements, also known as municipal tax abatements, are deals that enable a developer to switch their standard tax payments for a property to a fixed, yearly payment to the municipality.

Some municipal officials have called them useful tools to attract development to distressed or blighted areas of town. But their use has drawn criticism from opponents, some of whom caution that the deals can enable a big developer to skip out on paying their fair portion of property taxes.

When the project was first approved, one of the main concerns was its influence on the local school district. Jill Critchley Weber, President of the Chatham Board of Education, has stated that the school district planned to explore sharing the PILOT cash from the River Road development with members of the borough council.

Neither the borough nor the school district have issued an official statement or provided an update on the potential negotiations between the two entities.

For more information on The Ivy and to schedule a private visit to tour the property’s furnished model homes and amenities, visit www.TheIvyChatham.com or call (973) 635-215.

"BNE Real Estate Group has been an outstanding partner throughout this journey, delivering an exceptional new purpose for a previously underutilized property. We look forward to the positive impact this development will have on our town," Kobylarz said.