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.