The Madison, a new residential development on Market Street, recently had its ribbon cutting ceremony. Harlem resident Alan Williams tours the loft apartment in this video:
Alan Williams is excited about moving from Harlem to Newark.
Williams, who works in Brooklyn, is ready to leave his “very small apartment with very few amenities” and a “very high price tag” behind to move downtown, where he said he’ll enjoy more space at reasonable prices and zero change in commute time.
In the video above, Williams takes a tour of loft apartments in the 48-unit Madison building, the latest phase of Fidelco Realty and Hanini Group’s $38 million, mixed-use development on Market Street. The building had its ribbon cutting ceremony nearly two months ago.
This phase of the development also includes the launch of four new retailers: Krauszer’s Food Stores, Mercato Tomato Pie, Novelty Burger & Bar, and Chipotle, which opened its doors last week.
“Newark has always been on the cusp of sort of the revitalization, new urbanization, mass transit – all those things. The elements that go into redevelopment have always been there. It just never crossed, sort of, the finish line,” said Josh Sternberg, VP of Fidelco Realty. The group, along with its partners, completed The Columbian, which includes 22 loft apartments and a Dinosaur Barbeque on the ground floor, in late 2012. That was preceded in 2011 by the Bowers Building, which includes 11 loft apartments and a Rita’s Water Ice on the ground floor. All of the developments are on Market Street between Broad and Mulberry Streets.
Sternberg said he’s seeing interest from people he calls “price refugees”, or people currently residing in New York, Hoboken, and Jersey City that are frustrated with rents that have risen well above market rate.
Williams is a textbook example of that trend. He said moving downtown would confer a dual benefit, allowing him to both enjoy more space and save money. “Savings I would spend on furnishing the place, because you actually have room to furnish,” he said.
“I foresee myself moving as soon as my lease is over,” he continued.
– Andaiye Taylor