Marcus & Millichap
260 Madison Avenue, 5th Floor
New York, NY 10016
Sold
Wyndham Garden
550 Rte 1 and 9 S, Newark, NJ 07114
Development
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 Hartz 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.
Deal Team
Eric Anton
Nelson Lee