NEWARK-The New Newark Foundation, a five-year-old non-profit group, had proposed to turn the vacant Hahne’s department store building and adjoining Griffith Building into a luxury apartment complex, but that deal fell apart earlier this year when NNF couldn’t put all of the pieces together and get city approval. Now, a new consortium has emerged to pick up those pieces.

The NNF itself is about to go out of business, having apparently struck a deal with New York-based Cogswell Realty for the latter to buy the more than two dozen downtown parcels the group owns. Cogswell itself is a key player in the new proposal, teaming up with local businessman Miles Berger, owner of the Hahne’s building, and King of Prussia, PA-based Kravco Co. on a new if slightly reduced version of NNF earlier proposal.

According to sources, the plan the trio will bring to the city council is a $93 million redevelopment of the buildings that will include some 330 apartments, along with street level retailing and restaurants. That’s where Kravco comes in-the company is one of the country’s major shopping center developers and figures to be able to bring some national retailers into the mix for the ground-level component.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.