by Ken Walker
Star Ledger Makes New Condos in Newark Sound Compelling
May 6, 2007 in Uncategorized by Ken Walker
As if prompted by the Times “positive article on Newark’s Renaissance”:http://dailynewarker.com/2007/05/06/new-york-times-newark-is-almost-hot/, the ??Star Ledger?? is also reporting today on the city’s “Soaring condo market”:http://www.nj.com/starledger/stories/index.ssf?/base/news-7/1178425586196210.xml&coll=1&thispage=1.
Located a 10-minute walk from Newark Penn Station, a few blocks from the Prudential Center and close to downtown and the municipal complex, the building will maintain many of its characteristics– the brick front and facial reliefs– while adding a three-story modern addition. The sixth floor provides views of Manhattan and Jersey City. The neighborhood, though, is typical of the area, with two- and three-family homes, some with vinyl and wood siding.
The factory is next to a development district and blocks from the Mulberry Street project, now in litigation, but which could result in up to 2,000 condominiums in the area.
“We are looking toward the future of redevelopment,” Saltzman said. “The people who buy here will be pioneering a bit, but it’s near downtown and they will be investing in what is to come.”
Parc West, a six-story luxury condominium in the South Ward near Weequahic Park, was once an abandoned property used by drug addicts as a shooting gallery.
The GLC Group in Irvington purchased the abandoned apartment building in foreclosure eight years ago and transformed it into 44 units, with hardwood floors, stainless steel appliances and spacious bedrooms priced between $149,900 to $289,000. Since the opening in January, 27 condominiums have been sold.
There’s been a ton of construction in Newark in the last couple of years — but not all of it good. The James administration was notorious for its “going out of office fire sales”:http://dailynewarker.com/2006/05/26/land-rush-drama/ (for which “Sharpe James is being investigated”:http://dailynewarker.com/2007/03/29/the-past-is-catching-up-to-sharpe-james/) and resulted in some shoddy work by unscrupulous developers.
However, these projects — many of which were also approved by the James administration — are different: condos in reliable buildings that have been thoughtfully restored, many to the point of reviving Newark’s old architecture. At the prices cited above (it would be interesting to know the square footage on those buildings), moving to Newark and taking part in its cultural renaissance is becoming a fantastic opportunity.
