Firms registered out of the address of a local real estate and development company in Newark have spent millions acquiring properties in the central business district of the state’s largest city.
Property sales records show that in 2019, companies associated with 87 Halsey Street, the home of the Hanini Group, spent well over $10 million for a larger piece of the pie when it comes to Downtown Newark real estate.
The largest of the transactions involved 113 Halsey, LLC’s $7.5 million acquisition in July of 113-119 Halsey Street, a two-story commercial building near a Rutgers-Newark parking garage. Meanwhile, several blocks away, the Unity Beef and Sausage site at 47 University Avenue near the former Westinghouse property was acquired for $1.7 million.
South of Market Street, property sales records indicate that multiple parcels were acquired last year by businesses using an 87 Halsey Street address. The lots in question include 201 Halsey Street, 254-256 Washington Street, 268 Washington Street, 272 Washington Street, and 96 Market Street.
Some of the acquired lots were previously owned by companies registered out of an address in Gladstone.
Owned by three brothers, the Hanini Group has been involved in projects in Newark such as the adaptive reuse of the former National State Bank on Broad Street into a Hotel Indigo location along with the Hahne & Co. redevelopment. It is not yet known what, if anything, will be done with the recently acquired tracts. Development applications have not been heard recently by municipal boards in connection with any of these properties.