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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.

