Investment Overview

Laying on a cumulative 0.35 lot, the 4-story property is currently 40,000 SF of warehouse space with a freight elevator. Due to 54 Broadway’s proximity to the Broad Street Station, there is a valuable opportunity for Transit-Oriented Development. This site has potential to be redeveloped into 6-8 stories of mixed-use as-of-right, giving an investor the opportunity to capitalize on Newark’s growing rental rates and increasing population. No parking is required in the current C-2 zone where the property currently lies. Blocks away from University Heights, an influx of new developments, public parks, Route 280 & Route 21, and public transportation, this site resides in an up-and-coming neighborhood with demand for living space. Located just 4 block from Newark’s Broad Street Station and along a major retail corridor, the Lower Broadway neighborhood is an up-and-coming area with a strong presence of recent Class-A developments such as Broad Street Vermella, Spring Street Commons, and many more about to break ground within a few blocks. Newark’s population has increased 6.5% in the past 5 years making it the largest city in the New Jersey. Major employers drive Newark’s economy such as Prudential Financial and PSE&G, both headquartered in the city. Major educational institutions such as Rutgers, New Jersey Institute of Technology, and Berkeley College all reside within the city while attracting talent. Port Newark serves as a hub for transportation of goods in the Northeast corridor of the United States. Because of Newark’s easy access to public transportation, it is an  attractive alternative for New York City employees seeking a cheaper cost-of-living. Newark Penn Station connects to major cities such as NYC and Philadelphia. Newark International Airport is the only international airport in New Jersey. All these economic drivers are catalyzing a surge of new developments for the city, from low rise residential living to high-rise apartments.