Paramount Acquisitions has purchased 0.42 of an acre of land in Newark, according to a Thursday announcement from NAI James E. Hanson.
Located at 1042-1044 Broad St. and 14-16 Camp St., just one-half mile south of the Prudential Center, the asset is part of a designated Opportunity Zone and within the Lincoln Park Redevelopment Zone, which allows for mid- and high-rise mixed-use development. Adjacent to Newark Symphony Hall, which is planning a $50 million renovation for its upcoming 100-year anniversary in 2025, the neighborhood already has several new apartment buildings with more sites seeking approvals, as well.
NAI James E. Hanson’s Jonathan Kristofich represented both Paramount Acquisitions and the seller, SAM Inc., in the all-cash transaction.
“The wave of redevelopment seen in cities like Hackensack, Jersey City and Newark reflects that there is sustained demand for new housing and developers will clearly continue to meet that demand,” Kristofich said. “As we continue to see high-quality commercial and residential development in these areas, infill urban land will become scarcer and land values will continue to increase. This property is unique in that the existing commercial parking operation enabled the buyer to generate positive income while seeking approvals post-closing. It was a pleasure to represent both the seller and buyer in this very smooth transaction.”
