Parking Spaces
570 Spaces (Automated)
Lot Area
28,344 SF (0.64 Acres)
Gross Buildable SF
873,699 SF (approx.)
Net Residential SF
817,005 SF (approx.)
Ground Floor Retail SF
817,005 SF (approx.)
Total Apartments
884 Units
For sale
875-893 Broad Street, Newark, NJ, USA
Newark, New Jersey
PRIME TROPHY DEVELOPMENT SITE IN DOWNTOWN, NEWARK NJ
- New Development
Key Details
Investment Highlights
- RARE OPPORTUNITY
884-unit, 36-story tower on 0.64 acres in the heart of Downtown Newark. The proposed development also includes approximately 9,546 SF of ground-floor retail and 570 parking spaces at one of Newark’s most prominent intersections. - STRONG ATTRIBUTES
Located directly across from Newark City Hall and the Prudential Center (‘The Rock’) within an Opportunity Zone and Urban Enterprise Zone. The sites location makes it a strong candidate for a long-term tax PILOT, which can materially reduce the tax burden and significantly enhance project economics. - EXCEPTIONAL TRANSIT ACCESS
Exceptional Transit Access - 10-minute walk to Newark Penn Station. NJ Transit offers service to Hoboken and New York Penn Station, PATH trains to the World Trade Center and Midtown Manhattan, and Amtrak connections to New York, Boston, Philadelphia, and Washington DC. The Newark Light Rail provides additional local access, and Newark Liberty International Airport is reachable in under 15 minutes by car, serving 15M+ annual passengers. Regional highway access via I-95, I-78, I-280 and the Garden State Parkway is also minutes away offering unmatched connectivity. - SURROUNDED BY MAJOR CORPORATE HEADQUARTERS, RETAILERS AND INSTITUTIONS
Within walking distance are the global headquarters of Prudential Financial, the U.S. headquarters of Panasonic and Audible, and offices of WebMD, PSEG, Mars/Wrigley, Horizon Healthcare, and more. Retailers including Whole Foods and the Nike Store are a short walk away, and the celebrated Ironbound District — one of the region’s premier dining destinations — is minutes from the site. - NEWARK’S DEVELOPMENT BOOM
More than 4,000 apartment units have been delivered or are actively under development since 2016, yet the citywide vacancy rate remains near historic lows at just 1.5, and average annual rent growth has exceeded 7%.
Brokers
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For sale
875-893 Broad Street, Newark, NJ, USA
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