The Real Deal: NYC developers crossing the river to Newark

NYC developers crossing the river to Newark

“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.

Author: Ken Walker

Husband, Father, Newarker, PCA Elder, Business Analyst. In a glass case of emotion since 1978.

1 thought on “The Real Deal: NYC developers crossing the river to Newark”

  1. Frustration in Newark City Hall
    I am one of those who believed that Newark is heading to an upward trend. I don’t see any other way it can go but up. Newark had already reached its bottom pit.
    I have been working in Newark since 2003. I attended and followed-up several development board meetings at the City Hall regarding the Mulberry Development project. It did not come into fruition but I managed to purchase in October 2007 a single family home in the same North Ward area where I now live. I made this move against the advice of everyone I know, family and friends alike.
    My reasons: Good investment for future growth. I like to be close to work and don’t have to pay for parking. Trains and buses surround me, and most of all, arts and recreational establishments such as Prudential Center, NJPAC, Newark Museum, Ironbound restaurants, etc. are within walking distance. I love the sights and sounds of the city – it is alive.
    My neighbors are friendly and helpful, and I never encountered any problem until recently when I got a Notice of Tax Delinquency from the Newark City Hall. It is hard to believe that the existing records in Newark City Hall have a year or more of backlog data information that has to be entered and updated. Check payments for taxes issued in October 2007 were only posted in April 2008. The tax abatement information in the public records data search showed inaccurate information. I bought my house in October 2007 believing that it has a tax abatement based on official tax/data search report and now I found out that it was cancelled back in December 2006. At the time I was buying the house, records were not updated either.
    How can an ordinary person like me feel secure buying a property in Newark when you have no guarantee of the accuracy of public records despite the assistance of professional title companies and lawyers. I was given a customer service telephone number with several extensions but I never got through anyone of them in a week’s time of call attempts.
    Now, not only I have no tax abatement entitlement, but I am also burdened by added-on/omitted tax bills that I have to pay extra. My mortgage company, having received these extra taxes due, increased my escrow account and my monthly payment was increased by $457.38 a month. That’s very frustrating indeed!
    Cleaning up the city of crime is one thing, but prompt, courteous, and accurate service to its residents is another. I will keep my hopes up.
    Eva D. Gonzales

    Like

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