Newark, NJ 07102
Edison Properties is a Newark, New Jersey-based, privately held and family-run real estate development and holding company, founded in 1956 by Jerry Gottesman. The company's portfolio, estimated to be worth $4 billion, includes properties in New York City, New Jersey and Baltimore, Maryland, and encompasses Edison ParkFast-branded parking lots and garages and Manhattan Mini Storage facilities. The value of those parking and storage facilities has skyrocketed over the decades Edison has owned them, as New York and other cities flourished following years of decline. This fact has prompted Edison to sell off or redevelop some long-held sites for higher-income-generating uses, such as residential, hotel, office and retail. In 2014, Edison Properties sold a parking lot site next to the High Line for $870 million that the firm had bought in the 1980s for $2.4 million. However, as of 2015, family members were in conflict on whether to take profits by selling properties, developing them in-house, alone or in partnership, or do nothing.