The Future Is 'Bound' To Be Now - Newark's Ironbound District
NEWARK, N.J., June 10, 2013 /PRNewswire/ -- Within the City of Newark there is a gentrifying area commonly referred to as the "IRONBOUND DISTRICT", a four-square-mile neighborhood just east and south of the Penn Stations (N.J. Transit and Path Trains) in Newark and Harrison respectively. For 150 years it has been the melting pot of immigrants establishing a solid hardworking community basis. The long-established generations of Portuguese heritage population have recently been complemented by a growing Brazilian influx, and by a white collar New York and New Jersey workforce from Lower Manhattan and downtown Newark seeking a more moderately priced housing alternative to NYC, Jersey City and Hoboken.
(Photo: http://photos.prnewswire.com/prnh/20130610/FL28015 )
The Ironbound has been a well-kept secret by the locals, but it won't be a well-kept secret from real estate professionals outside the District for much longer - with established night life; fine restaurants; a hardworking, economically self-sufficient, educated population; and ideal transportation access to lower and midtown Manhattan. Plus, a street scape in an interesting grid pattern conducive to walking and biking to many commercial, residential and recreational hubs. The neighborhood is blessed with several large, well-maintained, safe, bucolic parks with passive and active recreational facilities.
The first and foremost advantage of the Ironbound is it being a hub of major transportation systems. "One could travel conveniently via boat, train, plane, car and bus and, travel to anywhere in the region, nation or world. The Ironbound is a strategic location with extraordinary transportation," as enthusiastically stated by the executive director of a major bank.
ANFANG RESOURCES INCORPORATED (ARI), established in 1979 in NYC, has been, among other activities, representing an off-shore investor family with ownership of a portfolio of properties. Stephen F. Anfang, founder and CEO, is well-known to the NYC real estate community for establishing a boutique fee based Asset Management Company, a pioneering value added investment prospecting in yet to be discovered neighborhoods, and owner/operator of many properties in Soho, East Village, Plaza District, Upper East Side, and Greenwich Village.
ARI had to restructure various partnerships by implementing a major complex recapitalization and, after much analysis concluded that the Core Assets were several development sites; sell off 8 non-core apartment and industrial buildings; market for sale redevelopment site in an industrial corridor – and commence predevelopment activities for 4 core mix-use development sites, all in prime residential Ironbound neighborhoods in the Ferry Street corridor (total of 5 acres); and, proved the viability of the strategic investment plan by successfully obtaining development approvals for a 56 unit (78,550 s.f.) apartment building with garage and retail known as PENN SOUTH @ BRUEN STREET, a 10 minute walk to Penn Station and the downtown office employment hub.
Anfang thinks that the political climate and economy is a RE "BOUND" in the IRON "BOUND". The neighborhood is also benefiting from Newark's new commercial offices, hotels and housing announced, under construction, or recently completed. As the contrarian he is known to be – he saw this potential over 3 years ago - explaining to his then frustrated investor/client that if all the properties at that time were managed actively and smartly, good things would happen. Now, good things have and will continue to happen and he is prospecting new deals and investors/clients to participate.
Please contact:
Stephen Anfang
954-561-7550
SOURCE Anfang Resources Inc.
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