1180 Raymond Boulevard

1180 Raymond Boulevard, Newark, NJ 07102

Property Overview

The property is a 37-story, 268,688-square-foot (261,121-square-foot residential and 7,567-square-foot retail) art deco residential tower. It is the only high-rise apartment in downtown Newark, and it offers unparalleled luxury amenities. These include a state-of-the-art health club, private four-lane bowling alley, multimedia entertainment room, half-court basketball court and private lounge.

The building is operated with high-end luxuries, including a 24-hour doorman, shuttle service and dry cleaning service. Additionally, the common area is finished with marble floors in the lobby and a grand entrance to the building. The individual units are large with 12-foot ceilings and finishes that include granite counter tops, marble-tiled bathrooms and stylish GE appliances. The upper units have excellent views, many of which include large terraces.

Investment at a Glance

  • Location: Newark, NJ
  • Property Type: Multi-family
  • Acquisition Date: Mar 4, 2012
  • Purchase Price: $35,000,000
  • Investment Type: Non-Performing First Mortgage
  • Square Footage: 268,688 SF
  • Number of Buildings: 1
  • Number of Stories: 37
  • Leased Percentage (at the time of acquisition): 80%
  • Number of Units: 317

$35,000,000

Total Purchase Price

268,688

square feet

Total Rentable Area

Multifamily

Building Class