RevereCRE

875 - 893 Broad Street

875 Broad St, Newark, NJ 07102, United States

875 - 893 Broad Street

Premier Opportunity Zone High-Rise Development Site – 884 Units & 9,500 SF Retail – Newark, NJ

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Gene Pride joined Newmark in 2021 as Executive Managing Director and head of the Tri-State Suburban Multifamily Capital Markets Group. Gene is responsible for the execution of multifamily sales in the greater New York metropolitan area, encompassing northern New Jersey, suburban New York and Connecticut markets. Gene began his career in 1998, and since 2014 has been involved in the sale of more than 19,000 apartment units – valued in excess of $5.1 billion – and development land for 2,700 apartments. Gene received a Bachelor of Arts degree from Washington and Lee University and attended Deerfield Academy.

Kevin Welsh
Kevin WelshExecutive Managing Director
kevin.welsh@nmrk.com / (201) 528-0862
Jordan Roeschlaub
Jordan RoeschlaubVice Chairman and Co-Head, Debt and Structured Finance
jordan.roeschlaub@nmrk.com / (212) 372-0755
Property Type
Multifamily
Deal Type
Acquisition
Risk Profile
Opportunistic

Newmark has been engaged as exclusive advisor in the sale of a 28,344 SF residential development site that is zoned Living Downtown Development Zone that will accommodate up to 884 units and 9,546 SF of retail. The Property is located at 875-893 Broad St. in Newark, New Jersey directly across from Newark City Hall and the Prudential Center in an Opportunity Zone as well as an Urban Enterprise Zone which makes the site a candidate to receive a tax PILOT.

 

Investment Highlights

  • Ideal long-term Pedestrian &Transit centric location with 90 WalkScore (walkers paradise)
  • Regional and Global transit hub provided by Newark Penn Station (NJ Transit, PATH, Amtrak), Newark Liberty International Airport (3.2 miles), I-95, I-280, I-78 & Garden St. Pkwy
  • Newark is major “Meds & Eds” center with 60,000+ students (Rutgers Newark, NJIT, Rutgers Medical School, Seton Hall Law School among others) and 3 hospitals with 1,500+ beds
  • Cultural & Entertainment Center with Prudential Center (adjacent with 16,700+ seats), NJPAC, Grammy Museum and Newark Museum of Art
  • Diverse Economic Drivers include Prudential Global HQ, Panasonic, PSEG, WebMD, Audible, Horizon Healthcare, Mars/Wrigley
  • Newark is experiencing a Building Renaissance with major capital investments in Penn Station, Gateway Center (2.1M SF office complex), Mulberry Commons plus over 3,000 apartments built or currently in construction.