P3 Properties, the new owners of the former Park/Hilton/Sheraton hotels, now called World of Blue, has acquired The Pennington in Passaic, New Jersey, for $49 Million from the Birch Group, which bought the property in 2024 for 43.5 million.
The Pennington in Passaic, the campus once home to St. Mary’s Hospital, is a 240,000 sq ft, six-story property with 147 one-, two-, and three-bedroom apartments. It sits on 3.6 acres and occupies a full city block.
P3 Properties CEO Harvey Roseblatt said on LinkedIn that the deal “was a long and at times protracted process,” but commitment to the “vision” paid off, and he was grateful to everyone who made it happen.
He thanked Brendan Petri, Josh Packer, David Bernhaut, Niko Nicolaou, Brad Domenico, and the rest of the team at Cushman Wakefield, who handled the deal.
“A special thanks to Paul Oliveri and the entire @Prime team, along with many others who believed in what we are building and stayed with us throughout this protracted process and helped push this across the finish line,” Rosenblatt said on LinkedIn.
He pointed to the property’s 147 residential units, stating that the company is planning to “enhance the asset and contribute meaningfully to the neighborhood’s continued growth.”
Upgrades, Expansion Plans
The P3 website said the firm has local ties and “deep roots” in the community. They understand the Orthodox neighborhood and the tenant base, as well as the “long-term trajectory of Passaic.”
The company said it wants to create “durable value” while enhancing what is already a “cornerstone asset for the city.” The property is in the Passaic Park neighborhood, less than half a mile from the Passaic Train Station.
P3 Properties plans to develop the vacant South Tower, adding 40-50 additional units. A swimming pool is also planned, along with a synagogue and fitness center, according to the website.
About P3 Properties
P3 Properties is a privately held real estate acquisition and management firm headquartered in East Rutherford, New Jersey. Founded in 2015 by CEO Harvey Rosenblatt, the company specializes in the acquisition and repositioning of “value-add” assets and controls the entire real estate lifecycle from construction and leasing to day-to-day management.
P3 Properties manages a diverse portfolio across the office, multifamily, retail, and hospitality sectors, primarily focused on New Jersey and the surrounding region. Key properties include:
- The Pennington (Passaic, NJ): A 147-unit luxury multifamily property recently acquired for $49 million, with plans to expand to 200 units.
- The Grand (Parsippany, NJ): A massive Class A office campus spanning 544,000 square feet.
- World Of Blue (East Rutherford, NJ): A 427-key hotel and global events destination (formerly Hilton Meadowlands) located near MetLife Stadium.
- Broadacres Office Park (Bloomfield, NJ): A 20-acre, four-building campus known for its modern amenities and high tenant retention.