Area: Newark (located in one of Jerseys opportunity zones)
Purchase Price: $15M
Buyer Pays a Commission
Total Lot Area: 1.308 acres
Total Gross Area: 228,861
Total Dwelling Units: 273
Property Condition: Complete and Total Gut Rehabilitation
he Property was built in the early 1950's as luxury high-rise apartments. Constructed of concrete, brick and steel, the complex is completely fireproof, and boasts breathtaking views of Newark's Historical District and Downtown Manhattan.
The Property consists of 4 interconnected residential towers (2 9-story towers and 2 10 story towers) with a grand total of 273 vacant units and ±228,861 gross square feet (including basement) and 168,477 Net leasable square feet. The entire premises will be delivered vacant, offering an ideal redevelopment opportunity to new ownership. The property is essentially a structurally sound and environmentally clean shell ready to be recreated.