High-rise commercial buildings

Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + New Jersey  + Apartments  | 
NAI James E. Hanson brokered the sale of a development site in a designated redevelopment zone in Newark, NJ

NAI Hanson Arranges Land Sale in Newark Redevelopment Zone

NAI James E. Hanson recently closed the sale of 0.42 acres of land at 1042-1044 Broad St. and 14-16 Camp St. in Newark, NJ for an undisclosed sum. The firm’s Jonathan Kristofich represented both the buyer, Paramount Acquisitions, LLC, and the seller, SAML, Inc., in the all-cash transaction. 

One-half mile south of the Prudential Center, the property is located in a designated Opportunity Zone and within the Lincoln Park Redevelopment Zone, which allows for mid and high-rise mixed-use development. Adjacent to Newark Symphony Hall, which is planning a $50-million renovation for its upcoming 100-year anniversary in 2025, the neighborhood already has several new apartment buildings with more sites seeking approvals as well. 

“The wave of redevelopment seen in cities like Hackensack, Jersey City and Newark reflects that there is sustained demand for new housing and developers will clearly continue to meet that demand,” said Kristofich.

Connect

Inside The Story

NAI Hanson

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

New call-to-action
New call-to-action