Anthony Romano
Investor Relations - New & Modern RealtyThe Brokerage Built for Builders
(201) 366-6986$19,000,000
123 Hidden Street,Newark, NJ 07103
$19,000,000
What builders pay for similar lots nearby
$67,500,000
After new construction, sold
Current Property Type
Tear Down
Projected Resale Build Type
Multi Story Dev
Lot Size
60,000 ~ sqft
Dimensions
142 x 324 ft
Additional Information
Description
Rare opportunity to build 300 units as of right. This property consists of 5+ contiguous properties under single ownership, located in one of Newark’s most desirable redevelopment areas. The site offers the ability to build approximately 300 residential units as-of-right, with zoning allowing for 6 stories of stick construction and no required parking, creating an low cost construction. For additional density, the site presents further upside through a potential variance for a taller project, similar to the nearby comparable at 50 Sussex Street, which achieved a 10–14 story design. Priced in line with similar Newark developments, with land values averaging approximately $55k - $60k per door and where leased buildings in the market are trading in the range of $225k – $250k per door. The seller can deliver the property fully vacant and has obtained a No Further Action (NFA) letter.
Zoning
C-1
Environment
Other
Vacant at Closing
Yes
Subject To
Seller is object to subject to with the right terms and timelines
Closing Timeframe
Flexible
Comparable rental properties in this area
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| Image | Address | Rent/Mo | Lot SqFt | Home SqFt | Beds | Baths |
|---|---|---|---|---|---|---|
| 58-84 Norfolk St, Newark, NJ 07103 | $2,850 | N/A | 891 | 2 | 2 | |
| 58-84 Norfolk St, Newark, NJ 07103 | $2,300 | N/A | 628 | 1 | 1 | |
| 50-54 Sussex Ave, Newark, NJ 07103 | $1,957 | N/A | 471 | N/A | 1 | |
| 50-54 Sussex Ave, Newark, NJ 07103 | $2,215 | N/A | 715 | 1 | 1 | |
| 50-54 Sussex Ave, Newark, NJ 07103 | $2,918 | N/A | 905 | 2 | 2 |
Need funding for your project?
The fix and flip program can help provide you with fast, easy, and reliable funding on your light to heavy renovation projects. Our program works whether you are a new or experienced investor. We work with you throughout each step of the process from analyzing your deal to the time you pay off your loan and everything in between from underwriting, funding, servicing, and managing the construction with you and your team.
