One Theater Square at 2 Center St. in Newark — Courtesy: Dranoff Properties
By Joshua Burd
A gleaming 22-story apartment tower in Newark that opened in 2018, marking the city’s first ground-up, luxury high-rise in more than 50 years, is on the market for sale.
Brokers with JLL’s New Jersey capital markets team are seeking a buyer for the 245-unit property, One Theater Square, which sits directly across from the New Jersey Performing Arts Center. Developed by Dranoff Properties, the building at 2 Center St. is 95 percent occupied after opening to great fanfare in fall 2018, following a decade-long push by city and state officials, NJPAC and other stakeholders to jumpstart redevelopment around the venue.
It’s now projected to sell for around $130 million.
“One Theater Square offers an investor the rare opportunity to acquire a recently constructed, luxury multi-housing community with skyline views, in one of the most accessible submarkets in New Jersey,” JLL wrote in its offering materials.
Located just west of McCarter Highway, One Theater Square has a mix of homes ranging from studio to three-bedroom apartments, with an average unit size of 857 square feet, JLL said. The tower also has a series of upscale amenity spaces for residents, along with 11,414 square feet of ground-floor retail area and five levels of on-site parking.
Residents have views of the Manhattan and Newark skylines and the Passaic River, while they are steps from the city’s Military Park and a short walk from Whole Foods and other retailers. The property is also minutes from Newark Penn Station and accessible from Interstate 280 and other major highways.
JLL added that Newark provides a significant discount to renters accustomed to prices in not only New York City, but Hoboken and Jersey City.
“The COVID-19 pandemic has opened the door to an increased demand in alternative markets as flocks of renters exited New York City,” the firm wrote. “The Newark CBD market has proved to be an attractive alternative for New York City residents due to lower rents, larger units, newer vintage and ease of access to mass transit resulting in a convenient commute without sacrificing the perks of living in a city.”
JLL’s Jose Cruz, Steve Simonelli, Michael Oliver, Kevin O’Hearn and Joseph Lembo are representing the seller, with Jim Cadranell providing debt placement services.
NJPAC, city leaders hail One Theater Square’s opening in downtown Newark
