A mixed-use complex in Newark’s Ironbound neighborhood has already been put up for sale less than two years after wrapping up construction.
Matthews, a commercial real estate investment services and technology firm, recently listed Iron65 for sale at 59-65 McWhorter Street. The asset, exclusively listed by Matthews First Vice President & Director David Ferber and Associate Brendan Cina, is asking $56 million and is currently the only Class A building on the market in Newark.
Iron65 features 135 luxury residential units and one ground-floor commercial space, complemented by a full suite of high-end amenities. Perks at the property include a fully equipped fitness center with wet and dry saunas, a yoga studio, a rooftop social hub with outdoor kitchens, a game room, and a skyline spa lounge with New York City views.
“Iron65 is built for today’s core stabilized buyer, offering high-quality construction, a best-in-class amenity package, and durable, high-end finishes,” Ferber said. “With strong in-place rents, institutional-level construction, and favorable financing available in today’s market, this offering presents a compelling opportunity for core buyers seeking durable cash flow and long-term growth.”
The development is supported by a 30-year tax PILOT starting at 10%, with potential debt below 5%. Iron 65 is a quick walk from Newark Penn Station and adjacent to the city’s Downtown in a neighborhood that has seen several notable new residential buildings like Union 55 in recent years.
Matthews noted in their announcement that the Newark submarket continues to attract renters seeking quality housing with strong transit connectivity, and that Iron65 is supported by ongoing reinvestment and development momentum throughout Newark.
