Daniel Spiegel & Yehuda Kotkes Acquire Development Site In Newark For $10 Million
16 William Street
$10,000,000
$13/SF
Building Size
718,000 SF
Asset Type
Development Site
Closing
Oct 16, 2025
AI
The development site located at 16-34 William Street in Newark, NJ, has been sold for $10,000,000. This asset encompasses a total area of 718,000 square feet and is poised for the Nova Towers project, which is set to include 712 residential units. The deal reflects ongoing high-rise development in Newark's downtown core.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $10,000,000
- Buyer: Daniel Spiegel & Yehuda Kotkes - KS Group LLC
- Market: Newark
- Square Footage: 718,000
- Project: Nova Towers with 712 residential units
- Financing: Acquisition financing provided by Levon Capital
- Projected Total Project Cost: $400,000,000
The transaction was facilitated by key players in the real estate sector. The buyer group, KS Group LLC, led by Daniel Spiegel and Yehuda Kotkes, is taking significant steps in high-rise development in Newark. The architect for the Nova Towers project is INOA Architecture, responsible for designing the residential units planned for the site.
Players
Newark Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93