Carl Dranoff: Timing for Newark Projects Couldn’t Be Better

NEWARK, NJ – Newark has a lot of up-side. But it’s come a long way to achieve that, especially on the multi-family side of the game. So CapRE’s Newark CRE Summit included a panel titled The Newark Multifamily Surge: Analysis of Tenant Dynamics and the City Infrastructure to Support this Growth, moderated by Frank E. Ferruggia, Partner at McCarter & English, LLP. Frank kicked off the discussion with a direct question for one of his panelists, Carl Dranoff, President and Founder of Dranoff Properties. “Carl, what is your group working on in Newark?” asked Ferruggia. “What’s your prognosis for growth and development in the city?” Luckily for us, Dranoff was only too happy to indulge Ferruggia. “I first came to Newark eleven years ago. The year was 2007,” recalled Dranoff. “[A firm] put out an RFP for a property they owned. Eleven years later it is One Theatre Square. There were a lot of intervening obstacles and pot holes and speed bumps. But to echo what [co-panelist] Waseem Boraie just said, we saw the potential in Newark eleven years ago. But if we had built a building that we had proposed, on schedule, I probably wouldn’t be sitting at this panel. I would probably be broke.” Why’s that? Because Newark wasn’t ready for that project. “We had proposed a forty-one story high rise right across the street from that site,” he revealed. “And we all know that the real estate…