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Ironside Newark - leasing as of 11/14/2018

This project is apparently 60% leased in office space and has signed commitments for most of the retail
Judging from the website for Ironside Newark, it looks like retail is just over 50% leased and office 72% leased.

I find it somewhat puzzling that additional retail is being added to the market when retail vacancy rates seem high downtown.
 

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Judging from the website for Ironside Newark, it looks like retail is just over 50% leased and office 72% leased.

I find it somewhat puzzling that additional retail is being added to the market when retail vacancy rates seem high downtown.
Retail spaces varies on what the businesses want. Ironside is a brand new project one block away from Newark Penn Station and the Ironbound with its huge residential population. Downtown is rather isolated from residents, something that is slowly changing. Much of the empty retail is either recent turnover, too decayed to be appealing, or too damn expensive to seriously consider it over adjacent properties.

As far as the large blocks of open retail:
The Prudential Tower's retail is $50 per foot, hence why the Broad Street side is empty and untouched. Most in Downtown is around $25 a foot at most. The Halsey Street side is fully leased. That stretch of reflective glass with a blue gradient coating next to the European Wax Center is a day care center that illegally turned its back to Halsey Street to face the parking in the back, but there is not enough staff to enforce it.

The Newark School's HQ must have a terrible leasing company. That remains untouched despite many new businesses around it. It's the same with that Rutgers parking garage at the corner of Halsey and Warren. And the Courtyard Marriott and the parking garage behind it.

Most of the stretch of Broad Street between Clinton Street and up to the McDonald's is planned to be torn down and replaced with a new skyscraper. They are in no rush to lease that space and then have to end the leases later.

834 Broad Street, the old Central Railroad Terminal headhouse, has no roof or floors. It is probably a landbank waiting for a big multi-story bar/restaurant to fill it.

Teacher's Village is starting to finally fill in. They were all waiting for the Krauzer's to open to draw people there. 257 Halsey Street, that 4 story red brick building left untouched, was a landbank that finally is getting a renovation project. The southeast corner of Halsey and William Streets is going to be demolished for a 20 story apartment tower with retail.

The stretch of Branford Place next to and across from Hobby's Deli is a landbank and a very slow moving renovation or replacement project.

The group of buildings along Broad Street between Hahne's and Central Avenue is a landbank owned by the Jetson's themed group of LLCs. Perhaps they will gain some life once the Kislak Building gets closer to completion.

Several of the office towers along Washington Park actually have retail inside of them but it is hidden by having the access from the lobby instead of outside, for security reasons.

The podium of the tall blank building at the corner of Warren and Washington Street and the tower itself are two separate upcoming renovation projects.

The white bricked in building at the corner of Washington and Bleeker Street is a landbank owned by Edison Properties.

53 Halsey Street, the nice wood and glass storefront facade that was never completed was planned to be a bar/restaurant. I believe they had liquor license problems.

The corner of Orange Street and Broad Street is an obvious landbank, likely waiting for the buildings to decay until they can bulldoze them for parking, or replacing them now that Riverfront Square will be built across the street and a large office and residential project is planned on the Westinghouse site.

Are there any other large vacancies? They are probably either a landbank or a planned replacement with something else, and they are slow to start.
 

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downtown Newark retail; small old towers at the Four Corners

Thanks for the comprehensive run-down. This makes sense to me. I suppose I am puzzled about long-term retail vacancies more generally when the landlord isn't land banking. (Or even when they are -- why not try to sign shorter leases at lower prices then?)

Of course, free markets for most goods clear; i.e. the seller lowers the price until a buyer can be found. Why is retail (sometimes) an exception? Perhaps the landlord could not cover his/her costs, but collecting some rental income is better than collecting none.

On another note, do you know what is planned for the two small towers on each the two eastern corners of Broad and Market Street? I'm talking about one seemingly nameless decaying terra cotta beauty at 786 Broad Street (with the GameStop at the base floor), and the Kinney Building across the street.

The building at 786 Broad street appears to be vacant above the first floor. As I recall the Kinney Building appears mostly vacant above the second floor.

Neither building appears to have an outside public-facing door leading to a lobby or other direct way to access the upper floors. Perhaps this is a strong indicator of the land-banking intentions of the owners.

Deducing from property records, the Kinney Building seems to have been owned by a small apartment building management company out of West Orange called The Hub Apartments at least since 2007.

The building at 786 Broad has been owned since 1983 by what seems to be a small New York real estate management company run by someone named Isaac Jemal.






Retail spaces varies on what the businesses want. Ironside is a brand new project one block away from Newark Penn Station and the Ironbound with its huge residential population. Downtown is rather isolated from residents, something that is slowly changing. Much of the empty retail is either recent turnover, too decayed to be appealing, or too damn expensive to seriously consider it over adjacent properties.

As far as the large blocks of open retail:
The Prudential Tower's retail is $50 per foot, hence why the Broad Street side is empty and untouched. Most in Downtown is around $25 a foot at most. The Halsey Street side is fully leased. That stretch of reflective glass with a blue gradient coating next to the European Wax Center is a day care center that illegally turned its back to Halsey Street to face the parking in the back, but there is not enough staff to enforce it.

The Newark School's HQ must have a terrible leasing company. That remains untouched despite many new businesses around it. It's the same with that Rutgers parking garage at the corner of Halsey and Warren. And the Courtyard Marriott and the parking garage behind it.

Most of the stretch of Broad Street between Clinton Street and up to the McDonald's is planned to be torn down and replaced with a new skyscraper. They are in no rush to lease that space and then have to end the leases later.

834 Broad Street, the old Central Railroad Terminal headhouse, has no roof or floors. It is probably a landbank waiting for a big multi-story bar/restaurant to fill it.

Teacher's Village is starting to finally fill in. They were all waiting for the Krauzer's to open to draw people there. 257 Halsey Street, that 4 story red brick building left untouched, was a landbank that finally is getting a renovation project. The southeast corner of Halsey and William Streets is going to be demolished for a 20 story apartment tower with retail.

The stretch of Branford Place next to and across from Hobby's Deli is a landbank and a very slow moving renovation or replacement project.

The group of buildings along Broad Street between Hahne's and Central Avenue is a landbank owned by the Jetson's themed group of LLCs. Perhaps they will gain some life once the Kislak Building gets closer to completion.

Several of the office towers along Washington Park actually have retail inside of them but it is hidden by having the access from the lobby instead of outside, for security reasons.

The podium of the tall blank building at the corner of Warren and Washington Street and the tower itself are two separate upcoming renovation projects.

The white bricked in building at the corner of Washington and Bleeker Street is a landbank owned by Edison Properties.

53 Halsey Street, the nice wood and glass storefront facade that was never completed was planned to be a bar/restaurant. I believe they had liquor license problems.

The corner of Orange Street and Broad Street is an obvious landbank, likely waiting for the buildings to decay until they can bulldoze them for parking, or replacing them now that Riverfront Square will be built across the street and a large office and residential project is planned on the Westinghouse site.

Are there any other large vacancies? They are probably either a landbank or a planned replacement with something else, and they are slow to start.
 

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The vast bulk of retail space at ground level remains without a tenant. Seems like activity is slowing down in Newark. None of the larger residential plans have gotten off the ground in the last six months. This project has been in neutral for a while, ie no new tenant commitments in many months. I wonder if the bad publicity from the lead crisis has something to do with the apparent stagnation.
 

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Leasing at Ironside Newark seems to have been at a standstill for about a year now assuming the website is up to date. Nearly half of the retail appears to remain empty. Anyone have different / better information ?
 

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Leasing at Ironside Newark seems to have been at a standstill for about a year now assuming the website is up to date. Nearly half of the retail appears to remain empty. Anyone have different / better information ?
We have an update.

International Halal food chain The Halal Guys and New York coffee shop Oren’s Daily Roast are the first two retail tenants to sign a lease at the new business hub Ironside Newark, Edison Properties announced.

Oren’s Daily Roast will occupy 2,012 square-feet, while The Halal Guys will occupy 1,294 square-feet of the 456,000 square-foot building. The two businesses are expected to open during the first quarter of 2020.
https://www.nj.com/business/2019/12/here-are-the-first-2-retail-tenants-to-join-ironside-newark.html

I wonder if this means they plan on closing their location at Hahnes? Thats very close for two.
 
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