“We as a firm always thought Newark had some strategic advantages that were just being overlooked by the market,” Simmons said. But, he said, before Cory Booker took over as mayor, “investing in Newark was something that was difficult for us to get our arms around.”
Meanwhile, TreeTop, which has new projects in Williamsburg and Greenpoint, is also aggressively buying residential property in Newark.
In January, the firm spent $22 million to buy the 293-unit Parkwood Place apartment complex in the Forest Hill section of Newark. The company is also buying 255 units in the North Ward and a property in the city’s Central Ward.
“People sometimes think of Newark as this lower-class neighborhood where people will live in whatever it may be,” said TreeTop principal Adam Mermelstein. “I think five years down the road, it’s going to be a different place.”
Excellent overview of development in the works in Newark as companies are investing or moving operations to the city — good news we could use after last week. Hat tip: chad1 at Newark Speaks.
After flipping through a few pages of The Real Deal, I’ve added a special feed for their site to the Further Reading section of the blog that will pick up any Newark-related stories in the future.