The site of Hue Soul at Burnet Street and Dr. Martin Luther King Jr. Boulevard in East Orange is approved for 113 market-rate apartments. — Rendering courtesy: CBRE
By Joshua Burd
A developer has sold a parcel in East Orange with approvals in place to build 113 market-rate apartments, in a newly announced deal by CBRE.
The brokerage team, which represented Novus Landmark East Orange Urban Renewal LLC in the sale, said the property traded for $4.15 million. An undisclosed buyer now owns the site, reportedly at the southwest corner of Burnet Street and Dr. Martin Luther King Jr. Boulevard, with current plans calling for a five-story building known as Hue Soul.
CBRE’s Jeff Dunne, Stuart MacKenzie, Eric Apfel, and Travis Langer represented the seller and procured the buyer. They noted that the parcel is within walking distance of both the Brick Church and East Orange train stations and, once complete, will have amenities such as a large outdoor amenity deck with four separate seating areas.
“The site offers excellent access to major employment centers in Newark to the east and Livingston, Roseland, Parsippany, Florham Park and Morristown to the west,” said Dunne, a vice chairman with CBRE. “The immediate neighborhood, now called the Arts and Cultural District, is slated for a major transformation in the next 18 months, further attracting residents.”
A report by Jersey Digs notes the project would repurpose the former site of the Soul Food Factory, just north of Interstate 280. Recent plans by Novus Landmark called for 113 rental units, some 3,562 square feet of retail and restaurant space and parking.
