Plans for an approved six-story development at 676-692 Broadway in Newark call for 209 apartments, ground-floor retail space and parking for 136 vehicles. — Rendering/image courtesy: Veerman Asset Management
By Joshua Burd
The owner of a Newark property with approvals for 209 new apartments is seeking a buyer for the parcel’s land interest, in a newly announced offering by Veerman Asset Management.
Located at 676-692 Broadway, the nearly 1.5-acre parcel is currently a cash-flowing retail site with five tenants on three lots, according to Veerman. The firm noted that the property has been approved for a six-story building with three ground floor-retail spaces and five stories of residential units, including 165 market-rate and 41 affordably priced home.
The owner is seeking offers for the land interest in what’s known as The Six7Six Apartments, the marketing team said, noting that plans also call for construction of a parking facility with 136 spaces. Additionally, the building would have a mezzanine-level amenity space with a 2,000-square-foot fitness center, a 1,600-square-foot business center, a management office and ground-floor lobby area, as well as an 1,800-square-foot activity room connected to a first-floor courtyard area.
The approvals also include a plan for a large lounge room on the sixth floor with an outdoor terrace and a rooftop courtyard for tenant use.
“The property is surrounded by numerous highly demanded rental markets, including Bloomfield, East Orange, Kearny and Belleville,” Veerman, which is based in Englewood Cliffs, wrote in its offering announcement. “These markets have seen major influxes in rental demand over the last 10 years, with many new developments seeing record-high rental pricing. 676 Broadway can benefit from these rental numbers, as it can feed off the excess demand in these markets and niche itself as a better valued rental building in a comparable marketplace.”
