““The resurgence of Newark as a residential destination is well underway,” says Adam Mermelstein, a TreeTop partner. “There’s a significant need for quality rental apartments that serve both the luxury market and the city’s local middle-class residents. As a result, we are actively pursuing opportunities that will be valuable additions to our existing residential portfolio of sale and rental properties.””
This is an excellent piece discussing the potential being tapped in the Newark Multifamily market. I know Tree Top from my days in Brooklyn. They are one of many developers who became very involved in the condo boom in the Williamsburg neighborhood of Brooklyn. They also have a number of projects in Jersey city and Hoboken. It is great to see that they see the potential in Newark.
I can’t speak to specific projects and developers but many of the players in the Brooklyn boom are struggling and have had to turn condo projects into rentals. The Parkwood Place looks to be rental from the get go giving it a far greater chance of success or at least avoiding failure.
Tree Top are the kind of owners Newark needs and wants. People who care about their properties and the people who inhabit them.
Mayor Booker’s administration needs to reach out to these owners, listen to their needs and work with them to improve Newark’s housing stock. The Newark Housing Authority, like so many other bureaucratic organizations other cities, has too many legacy internal issues to fix that it cannot effectively take on the housing problem in Newark. A path needs to be cleared for private owners and developers to come in and revitalize some of the beautiful housing that exists in Newark.