315 Mulberry St. in Newark — Courtesy: KS Group
By Joshua Burd
A joint venture has acquired a development site in downtown Newark where it ultimately hopes to build two luxury apartment towers with a combined 1,300 units.
The partnership, which includes Yehuda Kotkes and Daniel Spiegel of KS Group and Jeff Blau of Giga Holdings, paid $14.5 million for the property at 315 Mulberry St. Currently used as a parking facility, the site is two blocks east of Broad Street and just west of McCarter Highway, providing an attractive location for what the buyers say will be two 45-story buildings.
It’s among the latest acquisitions in Newark for Kotkes and Spiegel, co-founders and principals of KS Group, which oversees a development pipeline of more than 3,700 residential units in the city. They did not immediately include details about the entitlement process for the Mulberry Street project, but said it “will embody the essence of downtown Newark, offering residents a seamless blend of luxury, convenience and an unmatched sense of community.”
“We are excited to contribute to the growth and transformation of this vibrant neighborhood,” Spiegel said.
YNH Construction will lead the development project, bringing more than 20 years of experience in multifamily development and a construction portfolio of more than 2 million square feet in the New York City area, according to a news release.
“We are thrilled to be part of this transformative project in Newark,” Blau said. “Our vision for 315 Mulberry St is to create an iconic development that harmoniously blends sophistication, comfort and convenience, providing residents with an exceptional place to call home.”
