Jack Chung Buys Industrial Property In Newark From Lucillo Fereira For $6.37M

The property at 23 Rome Street in Newark, NJ, is a 42,625 square-foot industrial warehouse situated on a 45,000 square-foot plot of land. The transaction closed at a sale price of $6,370,000, translating to approximately $148 per square foot.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $6,370,000
• Market: Newark
• Address: 23 Rome Street
• SF: 43,000
• Buyer: Jack Chung
• Seller: Lucillo Fereira
• Brokers: Andrea Nestico, Yanni Marmarou, & Jack Drillock - Investment Property Realty Group (IPRG)

The Investment Property Realty Group (IPRG) in New Jersey facilitated the transaction for 23-53 Rome St in the Ironbound neighborhood of Newark. The industrial property, previously owner-occupied, is optimally positioned on the corner of Rome St and Niagara St. Notable features of the property include an 80-foot billboard overlooking Route 1 & 9, attracting significant daily commuter traffic. Moreover, the property boasts approved site plans for 109 mixed-use units, presenting future development opportunities.