Aldine Capital LLC has acquired a parcel at 2 Ogden St. in Newark, where city officials have approved the development of 190 apartments, as depicted in this rendering. — Courtesy: PRE Real Estate Services
By Joshua Burd
An area real estate firm has acquired a Newark development site with full approvals for 190 apartments, in a deal arranged by PRE Real Estate Services.
According to the brokerage team, Aldine Capital LLC paid $3.9 million for the parcel at 2 Ogden St. Plans for the site call for a multifamily building with 42 studios, 110 one-bedroom and 38 two-bedroom homes, with a location just west of McCarter Highway and the Passaic River.
PRE’s Joe Peixinho and Ely Mesquita listed the property on the seller’s behalf. The buyer is an affiliate of East Orange-based Parkway Management, an operator with apartment properties around the region.
