From the Publisher
You can’t make it up: Newark’s thinly veiled rent control law is reckless (and illegal)

Newark Mayor Ras Baraka must have snuck into our recent seminar — The Newark Redevelopment Update — and heard the buzz about this proposed resolution because it appears he ran out and got it enacted into law immediately. What is so silly about his maneuver is the fact that it is clearly illegal and will be more than likely overturned rather quickly. So why pass such a resolution in the first place?

Government & Public Policy
EDA unveils grant program for development, art projects in transit-served urban areas

The state Economic Development Authority has launched a grant program aimed at sparking new development and art projects in cities that are served by mass transit but saw a drop in commuter foot traffic during the COVID-19 pandemic.

Top News
Site of Newark’s famed Iberia restaurant sold, slated for 2,500-unit mixed-use redevelopment

A development group has acquired the site of Newark’s famed Iberia Tavern & Restaurant and several surrounding lots, where it now hopes to build more than 2,000 residential units and a bustling restaurant row in the heart of the city’s Ironbound district.

Professional Services
Ware Malcomb promotes Bahukutumbi to studio manager with Newark-based interiors team

Ware Malcomb has named a new studio manager in its Newark office after promoting a member of its interior architecture and design team.

Finance & Capital Markets
JLL: Bridge lands $64 million construction loan for 211,000 sq. ft. spec warehouse in Newark

Bridge Industrial has secured $64.3 million in financing to build more than 200,000 square feet of new logistics space in Newark’s port district, brokers with JLL announced.

Professional Services
Gibbons announces promotion in real property group

Gibbons PC has promoted one of its real estate attorneys to the position of director, the Newark-based firm announced Friday.

Residential & Mixed Use
J&L debuts 403-unit luxury apartment building in Newark’s Ironbound section

J&L Cos. is opening the doors to a highly anticipated, 403-unit apartment building in Newark’s historic Ironbound section.

Industrial
STRO adds 46,000 sq. ft., small-bay industrial complex near Newark’s port district

The STRO Cos. has acquired nearly 46,000 square feet of industrial space across two buildings in Newark’s South Ironbound section, the firm announced Friday.

Government & Public Policy
EDA pledges Aspire tax credits for major Newark, Camden and Morristown housing projects

The state has lent its support to three projects that will create or renovate a combined 728 apartments in Newark, Camden and Morristown — most of them for lower-income renters — after awarding nearly $121 million in tax credits under a new gap financing program.

Photos
IOREBA, MAREJ conference details CRE opportunities and challenges in cannabis market

New Jersey’s fast-growing cannabis market and its impact on commercial real estate took center stage last month as part of an event hosted by the Industrial & Office Real Estate Brokers Association and the Mid Atlantic Real Estate Journal.