The Pavilion Apartments in Newark, an iconic multifamily property in Newark, has sold for $70.5 million, according to The Kislak Co. Inc.
The two-building property at 136 Dr. Martin Luther King Jr. Blvd. in the Central Ward, which includes 680 residences and two retail spaces, was designed by Ludwig Mies van der Rohe, a pioneer of modernist architecture.
Kislak said the deal represents the largest sale of a multifamily Newark property by more than $18 million, based on CoStar data. Kislak’s Joni Sweetwood, senior vice president, represented the seller, longtime client Pavilion Broad Street LLC, and procured the buyer, The Pavilion Towers LLC, a regional investor.
“This was an extraordinary sale in a burgeoning market,” Sweetwood said in a prepared statement. “Over the last several years, we have been witnessing Newark’s long-awaited renaissance, with rapid development throughout the city and population growth. More and more people are moving to downtown Newark, given its ongoing transformation and easy commute to New York City.
“Pavilion Apartments are well-positioned to meet the growing demand for affordable luxury housing in Newark’s economic and cultural center.”
The two 22-story buildings date to 1958, and represent two of the three Newark towers designed by van der Rohe.
“This was a once-in-a-generation sale,” Robert Holland, Kislak’s president, said in a statement. “Properties of this size and stature rarely trade. From start to finish, Joni did an absolutely amazing job facilitating the sale.”
Terms of the sale included the assumption of debt and addition of equity, Kislak said. Sweetwood had handled previous sales in Asbury Park and Orange for Pavilion Broad Street affiliates.