Developers to debut 91-unit luxury rental building in Newark’s Ironbound

April 30, 2019 04:47PM

The North Ironbound neighborhood in Newark will see a new luxury rental project open its doors on May, according to RE-NJ and several other local outlets. T. Gary Gutjahr and J. Gordon Gutjahr, the developers brothers behind the property that had been scheduled to open in mid-March, said their building at 325 Ferry Street will have 91 one- and two-bedroom rentals. Tenants reportedly began moving into the new community on April 1. As of April 25, the property was reported to have been 40 percent leased, with available two-bedroom units starting at $2,317 per month. The development, which offers complimentary shuttle services to the Harrison PATH station and Newark Penn Station located about a mile away, includes a 5,000-square-foot sport bar, a pizzeria and a pet grooming store. Other amenities include a custom fitness studio with cardio and weightlifting equipment, a lounge and an outdoor patio with seating and picnic areas. According to NJ.gov, 325 Ferry Street is two blocks from two designated Opportunity Zone tracts. Its surrounding neighborhood is known for its Portuguese and Brazilian eateries. Cerqueira Bros., a developer familiar with Newark’s Ironbound neighborhood, is poised to build a 60-unit apartment complex in a nearby tract at 96-11 Main Street. Another developer called Markpolk is working on a 56-unit, mixed-use property along Newark’s riverfront at 558 Market Street. JerseyDigs reported in early April on yet another 133-unit building that could rise in the Ironbound as a result of the area’s mixed-use rezoning during the past two years. [RE-NJ]