Peter Feldman marks first year as president of Legacy Real Estate Developers

FAIRFIELD, NJ — A little more than a year after being named president of Legacy Real Estate Developers, Peter Feldman can point to an active stretch of acquisitions, repositioning and value creation across Northern New Jersey. But ask Feldman what has defined his first year at the helm, and his answer is less about individual transactions than the approach behind them.

“For me, it’s about knowing the property, understanding the risk and knowing your numbers,” Feldman said. “You do the work upfront, figure out the number that makes sense and make your offer. Once you commit to it, you stand behind it.”

That approach has guided Legacy’s focus on underutilized and fatigued real estate, particularly value-add industrial properties where experience, flexibility and the ability to solve problems can create opportunity.

Over the past year, Legacy and its partners, Sal Frassetto of Saddleback Real Estate Developers and Commerce Park Investors, have completed acquisitions throughout NNJ including the 126,108 s/f former Casio headquarters in Dover; 611 Union Blvd., a 26,630 s/f industrial property in Totowa; two Moonachie industrial properties totaling 29,626 s/f; and the 11,704 s/f commercial building on 3.7 acres at 801 East Edgar Rd. in Linden.

“My ability to underwrite these deals and figure out a price that we can purchase at and be successful is something I’m able to do relatively quickly,” Feldman said. “That’s why we’re able to stand by our numbers, because there are no surprises down the road.”

That approach is rooted in Feldman’s personality.

“I’m a very direct, straightforward, like-it-or-not type of guy, and I think I bring that to my business,” he said. “I’m not afraid to tell people things they don’t want to hear, not afraid to be honest and direct.”

Legacy works to determine what it can pay before entering a transaction rather than making an aggressive initial offer and attempting to renegotiate later.

“We don’t retrade,” Feldman said. Legacy targets value-add properties with the understanding that physical improvements and construction costs may be part of the investment from the outset.

That certainty can be particularly important to sellers looking for more than simply the highest offer.

The former Casio headquarters is one example. Multiple prospective buyers were in the running, making Legacy’s ability to demonstrate that it had the capital and ability to complete the transaction an important differentiator.

“I had to sell us as reliable,” Feldman said. “Basically, the whole point was reassuring the seller that we, A, have the capital and, B, will close.”

Legacy acquired the property in an all-cash transaction in October 2025.

Finding Value Others May Overlook

Legacy’s ability to move quickly is supported by decades of experience in the Northern New Jersey industrial market. The company’s portfolio includes nearly two million s/f of industrial space, giving Feldman and his partners extensive familiarity with the region.

“We know this market,” Feldman said. “Industrial in Northern New Jersey has been our business for a long time.”

That familiarity can be particularly valuable when a property presents zoning or entitlement challenges that may deter other buyers.

Legacy has appeared before boards of adjustment five times during a recent six- to seven-month period and received approvals in all five instances, according to Feldman.

“The barrier for the entitlements has been a good market advantage for us,” he said.

At the former Casio building, Legacy created value through the entitlement process, securing parking and site plan variances that allowed the property to be used to the new occupants’ intent.

“On Casio, our value-add was the entitlement,” Feldman said.

At other properties, the strategy may be more physical. In Moonachie, Legacy has focused on improving the condition and appearance of the property to make it more attractive to prospective owner-users.

“For a lot of these users, they’re not looking at the real estate as an investment,” Feldman said. “They’re looking at it as a home for their business.”

Relationships That Extend Beyond the Closing

Feldman also credits Legacy’s brokerage relationships with helping the firm source opportunities and bring properties back to market.

“Our primary model is if you bring me a property and I buy it, you’re my guy on the property,” Feldman said. “You have the exclusive. You get to help me sell it.”

The approach keeps brokers involved beyond the acquisition while giving Legacy access to a broad network of buyers, tenants and properties.

It is part of a reputation Feldman believes has become increasingly valuable: when Legacy says it will do something, it intends to follow through.

Looking Ahead

As Feldman enters his second year as president, the company plans to continue targeting reasonably priced value-add industrial real estate throughout Northern New Jersey, particularly properties of approximately 60,000 s/f and below.

“We want to work. We want to make money. We want to do deals,” he said. “But we can also pass on them if they’re not right.”

Feldman believes Northern NJ’s location and infrastructure continue to give the industrial market significant staying power.

“The market is cyclical,” Feldman said. “But luckily, the NNJ market between the ports and NYC and Rtes. 80 and 95, I think, has a really long runway on its current market conditions.”

For Feldman, year two begins much the way year one did: looking for the next property where Legacy’s experience, ability to execute and willingness to tackle challenges others may avoid can create value.