Downtown Newark’s rental market on the rise
Lest we forget about some of Newark’s success stories in all the kerfuffle over zombies, NY Daily News provides some more positive press on Newark’s real estate market.
Sitting two blocks from the Prudential Center and at the southern edge of Military Park, Eleven80 is five to ten minute walk from Newark’s Penn Station and a 15 minute Path Train ride to downtown Manhattan. Stern thinks location, the building’s amenities, gracious apartment sizes and a changing perception of Newark are reasons for this building fast success.
“For years Newark was an easy target for people to poke fun of,” he says. “The reality is there are good areas and bad areas. When someone gets killed in East New York, it doesn’t scare a person in Chelsea. There are areas of Newark with no crime.”
Municipal Council Member Carlos M. Gonzalez calls the downtown area in Newark one of the city’s safest places.
“There is more of a police presence downtown than almost any other Newark neighborhood,” says Gonzalez, the Newark North Ward resident who joined the city government two years ago when Cory Booker became mayor. “We’re working now on bringing businesses and residents back to downtown and employing our citizens. Investment in downtown is increasing at a very fast pace.”