1180 Raymond Boulevard
1180 Raymond Boulevard, Newark, NJ 07102
The property is a 37-story, 268,688-square-foot (261,121-square-foot residential and 7,567-square-foot retail) art deco residential tower. It is the only high-rise apartment in downtown Newark, and it offers unparalleled luxury amenities. These include a state-of-the-art health club, private four-lane bowling alley, multimedia entertainment room, half-court basketball court and private lounge.
The building is operated with high-end luxuries, including a 24-hour doorman, shuttle service and dry cleaning service. Additionally, the common area is finished with marble floors in the lobby and a grand entrance to the building. The individual units are large with 12-foot ceilings and finishes that include granite counter tops, marble-tiled bathrooms and stylish GE appliances. The upper units have excellent views, many of which include large terraces.
Investment at a Glance
Location: Newark, NJ
Property Type: Multi-family
Investment Type: Non-Performing First Mortgage
Acquisition Date: March 14, 2012
Purchase Price: $35,000,000
No. of Buildings: 1
No. of Stories: 37
Square Footage: 261,121 SF (317 Units)
Leased Percentage (at the time of Acquisition): 80%