KS Group Acquires Development Site In Newark For $14.5M

A development site located at 315 Mulberry Street in Newark has been sold for $14,500,000. The property spans 50,000 square feet, resulting in a price per square foot of $290. The buyer of the site is KS Group, represented by Yehuda Kotkes, Daniel Spiegel, and Jeff Blau. This transaction is expected to contribute to the revitalization of Newark's downtown area and attract more activity to the city. The site is conveniently situated near City Hall and the Prudential Center, adding to its appeal.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $14,500,000
• Square Footage: 50,000
• Price Per Square Foot: $290

YNH Construction, a reputable company with over 22 years of experience and over 10,000 completed units in New York and New Jersey, will be responsible for the construction of the project. Their involvement in this collaboration further enhances the potential for the site to bring more life to Newark and contribute to the city's development.