1042-1044 Broad St. in Newark — Courtesy: NAI James E. Hanson
By Joshua Burd
A prospective developer has acquired a parking lot in Newark’s growing Lincoln Park neighborhood, in a recent deal by NAI James E. Hanson.
The buyer, Paramount Acquisitions LLC, paid all cash for the 0.42-acre parcel at 1042-1044 Broad St. and 14-16 Camp St., about a half-mile south of the Prudential Center. It purchased the site on an as-is basis and will continue to operate the parking lot while exploring the potential redevelopment of the property.
NAI Hanson’s Jonathan Kristofich represented both the buyer and the seller, SAML Inc., noting that the Lincoln Park Redevelopment Zone allows for mid- and high-rise mixed-use development. Terms were not disclosed.
“The wave of redevelopment seen in cities like Hackensack, Jersey City and Newark reflects that there is sustained demand for new housing and developers will clearly continue to meet that demand,” Kristofich said. “As we continue to see high-quality commercial and residential development in these areas, infill urban land will become scarcer and land values will continue to increase. This property is unique in that the existing commercial parking operation enabled the buyer to generate positive income while seeking approvals post-closing. It was a pleasure to represent both the seller and buyer in this very smooth transaction.”
In a news release, NAI Hanson said the lot is in a designated Opportunity Zone, making it eligible for tax benefits in connection with new investments and improvements to the property. It’s also adjacent to Newark Symphony Hall, which is planning a $50 million renovation for its upcoming 100-year anniversary in 2025, and in a neighborhood that has several new apartment buildings with more sites seeking approvals.
