The future site of William Flats at 869 Broad St. in Newark — Courtesy: Paramount Assets
(Editor’s note: This story was updated with a photo of 869 Broad St. and additional information about the building from the owner, Paramount Assets.)
By Joshua Burd
Convenience store chain 7-Eleven has found another location in downtown Newark, where it will occupy a historic building near the Prudential Center that is being rehabilitated.
Zoltek Realty announced that the chain has signed a new long-term lease at 869 Broad St., just north of William Street. The new store, located in a space owned by Paramount Assets, will open in early 2019 and benefit from a location near the arena and the Courtyard by Marriott at the corner of Broad and Lafayette streets.
Urszula Zoltek, president of Rutherford-based Zoltek Realty, represented the tenant. Ryan Starkman of Pierson Commercial represented the landlord.
“7-Eleven and I are working on a few more stores in the area and many more in New Jersey market,” said Zoltek, whose firm is a preferred broker in the region for the chain. She added that the company “is very active right now,” with a goal of opening some 1,000 stores per year within the next 10 years nationwide.
The 2,700-square-foot lease comes at the halfway point of construction at the building, known William Flats, which Paramount is converting to 37 luxury apartments and 12,000 square feet of retail space. The building is the former United Women’s Garment Workers’ Union headquarters.
As part of the project, Paramount is preserving elements of the original building, including its distinctive façade. The developer is slated to host an open house from 10 a.m. to 12 p.m. Tuesday, July 31, providing a chance for brokers and city officials to learn more about leasing opportunities and tour the adaptive reuse project.