NEWARK, NJ—A long track record of building successful boutique multifamily properties in Philadelphia and its distressed neighbor across the Delaware, Camden, NJ, helped developer Carl Dranoff win the bid to develop One Theater Square, Newark's first ground-up luxury multifamily construction in more than half a century, Dranoff told GlobeSt.com last week.
“It's a carefully calculated risk,” says Dranoff. “It's just a bullseye location, you just can't get a better location.”
Dranoff Properties, the New Jersey Performing Arts Center, and city officials broke ground last week on Newark's first luxury living address, One Theater Square. The building is expected to top out next fall, with the first tenants moving into apartments in June 2018, Dranoff says.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
