NEWARK, NJ—Gambling on locations that scare offother developers is Carl Dranoff's strong suit,and it is paying off for him again.
Months after selling his Philadelphia multifamily rental propertiesto AIMCO (and taking an equity position in theDenver-based property company as part of the $445 milliontransaction), Dranoff has cut the ribbon on One TheaterSquare, the first luxury residential high-rise in Newarksince 1960.
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