NEWARK-Newark Mayor Cory A. Booker, Rep. Donald Payne, Sr., and various city officials joined Brick City Development Corp. at the grand opening of 45-47 Edison Place, a newly renovated office and restaurant building here.
The 21,000-square-foot building, redeveloped by local businessman Ray Levy and a number of partners, now is home to Global Marketing with a Local Vision (GMLV) advertising agency and two new eateries, the Edison Ale House and LOFT47.
“For over 10 years, Ray Levy has contributed to the revitalization of the City of Newark. Mr. Levy and the partners modernized and updated the infrastructure of this building to meet 21st century commercial needs and spent years on designing and planning even small details with architects,” Mayor Booker said. “They were equally determined to ensure that Newark-based companies with Newark-based employees and residents received the bulk of the contract. Thanks to the support we are receiving from our private and public partners and individuals like Ray, 2011 is Newark’s groundbreaking year for economic development.”
Levy, a former VP in charge of advertising for Madison Square Garden and a partner in GMLV, purchased the project in 2007 as part of a plan to renovate a number of buildings around the Prudential Center.
“With each passing day, the timeline for achieving a competitive rate of return on a Newark investment gets shorter and shorter,” Levy said. “Developers who embrace a slightly longer-term view for their investment strategies in Newark will undoubtedly benefit more than their counterparts in other markets, as we believe the demand for living, working and shopping in downtown Newark is going to continue to rise at a faster rate over the next five years. This in turn will lead to a much higher rate of real estate appreciation that isn’t going to occur as steadily in other markets.”
Nearby, 41 Edison Place is marketing 50,000 square feet of available office space, according to LoopNet, promoting its proximity to Prudential Center. Another nearby building is asking $18.50 per square foot for office space, the site says.
Loft 47, with 6,840 square feet is a woman- and minority-owned upscale bar. GMLV will occupy 7,300 sf on the building’s third floor. Edison Ale House, taking 8,130 square feet on the ground level, has an option to expand to the second floor.
The development received a $500,000 subordinate loan from the Newark Office of the Urban Enterprise Zone (NOUEZ)/BCDC loan fund, which helped with the construction. BCDC provided an additional $35,000 loan to LOFT47 for its kitchen equipment, technical assistance with the loan application process and assisted the development throughout the building contractor licensing process until completion. City National Bank served as the primary lender and provided a construction loan of $3 million for acquisition and renovation.
“Today we celebrate the open doors and vibrancy of three new businesses in downtown Newark," said Lyneir Richardson, CEO of BCDC. "LOFT47 is a swank minority-owned entertainment venue. Edison Ale House will be the new ‘Cheers Bar’ of Newark. And GMLV is a cutting edge advertising and marketing firm with Fortune 500 clients. BCDC provided $500,000 of gap financing and worked as an advocate to assist the business owners with getting up and running. We are proud to add this project to our ‘done deals’ list of 2011.”
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