A development group has purchased Newark's Iberia Tavern & Restaurant site and surrounding lots for approximately $40 million. The property is located at 80-84 Ferry St in the Ironbound district. The project aims to build over 2,000 residential units and a bustling restaurant row, creating a vibrant streetscape evoking the cultural ambiance of Brazil or Portugal. This will enhance the city's central business district.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $40,000,000 (Approx.)
• Address: 80-84 Ferry St, Newark
• Market: Newark
• Buyer: Sinai Equity Group
• Seller: Loureiro and Fernandes Families
• Broker: Gil Medina - CBRE
• Legal Counsel: Frank Giantomasi - Chiesa Shahinian & Giantomasi PC

The buyer, Sinai Equity Group, acquired the property from the seller, Loureiro and Fernandes Families. Representing the buyer in the deal was Gil Medina from CBRE. Providing legal counsel for the transaction was Frank Giantomasi from Chiesa Shahinian & Giantomasi PC.