Iron Ore’s Josh Mann Talks Collaboration and Cooperation in Newark
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, Josh Mann, Co-Managing Member, Iron Ore Properties LLC.
“What is your group working on in Newark?” asked Ferruggia. “What’s your prognosis for growth and development in the city?” Luckily for us, Mann was only too happy to indulge Ferruggia.
“What’s going on in Newark?” reiterated Mann. “Well the building on Clinton that Paramount bought, I had a deal on the note before they came in and bought it. It was a spectacular building, they’re going to do really, really well there.” Mann then transitioned to focusing on how surprisingly collaborative the Newark business community is.
“On our projects, we have our financing, the permits are in waiting for right next door – everybody is going to see Carl [Dranoff, President and Founder, Dranoff Properties]’s incredible tower – I would not have done it, and would not have been able to convince my partners to do it when we bought it for all cash a number of years ago, if not for [Carl] taking the first step. So I owe you that.”
“We also have a real unique deal with the city of Newark on Burnette Street,” continued Mann. “In which the city contributed the land and is running a prep, and we’re going to be the planning board. The plans will come in very soon, we’ll be at the planning board by this fall. Additionally we have one other deal in Newark as well, as my company is building in Cranford and Englewood as well.”
And what does Newark mean to Mann? “Well I went to law school here, and my family has been here since the 1880s,” he replied. “It’s incredible to see what’s going on. To see the “financeability” actually beyond anything else, where rents are headed.”
Then Mann looked to two co-panelists to express some personal gratitude: Richard J. Dunn, Senior Vice President, Paramount Assets, LLC & Carl Dranoff, President and Founder, Dranoff Properties. “I think that there really is a great future coming here, largely because of the two gentleman to my right who really took a chance and dove in, with the help of everybody else, to get it done,” he intimated. “But what they’ve done is really jump-started it for the rest of us.”
Continue the Newark conversation. Check out our upcoming events. For more from this panel, check out earlier CapRE Insider Reports: