Wyndham Garden

550 Rte 1 and 9 S, Newark, NJ 07114

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Development

$30M

Sale Price

349 Keys

Building Size

$85,960

Price / BSF

Q2 2022

Closing Date

The Story

The highest and best use was as an industrial use versus as an existing antiquated hotel. Our team was able to identify a buyer, Gus Milano of Hantz Mountain Industries, who has demolished the property and begun redevelopment. At $7.6 million per acre, this transaction highlights the exceptional demand for well-positioned development sites and the premium investors are willing to pay for future growth potential.

Property Highlights

Proximity to Newark Liberty International Airport (EWR), the 15th busiest airport in the U.S., which handled a record 46.3 million passengers in 2019
Located 12 miles from the World Trade Center via the Holland Tunnel and 15 miles from Times Square via the Lincoln Tunnel, with NJ Transit and PATH connections into the city.