(Read more on the multifamily market and more on the industrial market.)

NEWARK-Aetna Realty acquired the 500,000-sf former Westinghouse manufacturing plant on Orange Street here more than two decades ago for just $2 million. Now, after sitting vacant and fenced-off for most of that period, the circa 1870 brick structure is being demolished by the New York City-based owner.

That demolition is expected to pave the way for a mixed-use redevelopment of the four-acre site. Specific plans have not been released, and neither has a development timeline, but renderings and preliminary data provided by the company show multiple 20-story-plus towers, a mid-rise residential building and a ground-floor retail component.

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