Neighbor's New AC Equipment Makes Too Much Noise!

Hello all,

I own a 3 story, 3 unit rental income property in New Jersey that I am currently renovating. 

The neighboring building (mix use commercial) recently mounted what appears to be a large air conditioner unit on the side of his building 2-stories above ground. The unit has duct work attached to it which leads into the building.

This unit is making a lot of noise and is situated less than 2 feet away from my second floor unit's exterior, rear balcony (I can touch it with my hand). So not only does this unit make a lot of noise (can be heard throughout all floors of the house), it is dangerously close to the balcony.

I looked up my property's boundaries and the AC unit appears to be placed on the neighbors property (it is not encroaching my property's vertical space). With that said, do i have grounds to file a complaint for noise? I am worried future tenants may not want to lease the unit(s) due to the noise....

Has anyone dealt with something similar to this before? Is there a course of action I can take to remedy this issue? If so, please advise. I was under the assumption that units such as this were put on the roof to avoid these issues.

PS: I've already notified the neighboring property owner of the noise and I've received minimal communication back.