A longtime New Jersey apartment owner has reaped $146 million from the sale of seven properties in Essex, Monmouth and Mercer counties, brokers with CBRE said Tuesday.
A new stock of luxury, market-rate apartments is beginning to take shape in downtown Newark, where stakeholders hope to attract the type of rental population that can create a 24-hour, seven-day neighborhood that has long eluded the central business district.
Developers say they’re encouraged by the early returns, but are preparing for the market to be tested by larger-scale projects and an influx of additional units. City officials are also preparing for what could be a dramatic uptick in interest from builders — which they will have to balance with public policy goals such as expanding affordable housing for Newark residents.
A newly enacted law allows New Jersey municipalities to assemble blighted properties within their borders, creating land banks that they can use to spur much-needed redevelopment.
A prominent Newark landlord has expanded its holdings in the city, acquiring a well-known office tower at the northern end of the downtown.
Paramount Assets has attracted another retailer to its new boutique apartment building in Newark, inking a 1,500-square-foot lease with a Japanese fast casual concept.
Newark’s first rock climbing gym is set to open early next year, bringing a new amenity to the city and to a historic tower that is now home to more than 260 apartments.
Newark’s dedicated blue-chip employers and anchor institutions have virtually all expanded or made commitments to grow, leading to billions of dollars’ worth of new commercial development. It’s a major reason why developers believe the time is right to, once and for all, bring new market-rate apartments to Newark’s central business district.
Paramount Assets has moved its headquarters to downtown Newark, as it continues to build its pipeline of redevelopment and historic rehabilitation projects in the city.
An investment group has largely completed its conversion of the former New Jersey Bell tower in Newark, marking the restoration of a historic landmark and the addition of new market-rate and affordable housing options to the city’s downtown.