96 Clay St
Newark • New Jersey
A transformative 40-story residential tower bringing new life to Newark's McCarter Highway Corridor.
Prime Location in Newark's Growing Corridor
96 Clay is strategically positioned near the Hudson River and Interstate 280, adjacent to NJ Transit's Broad Street Station offering direct access to New York City. The development site sits within a thriving mixed-use area featuring established residential towers, commercial spaces, and dining options.
This prime location connects residents to Newark's vibrant downtown, major transportation hubs, and regional attractions including the Prudential Center, Rutgers Stadium, and Branch Brook Park's famous cherry blossoms.
Site Context & Connectivity
Transit Access
Direct connection to NJ Transit Broad Street Station with service to New York City
Highway Access
Immediate access to Interstate 280 and McCarter Highway for regional connectivity
Established Neighborhood
Surrounded by The Pavilion & Colonnade apartment towers, retail, and dining options
Market Comparables
96 Clay St. is strategically positioned within Newark's rapidly expanding multifamily market. A review of comparable properties in the area demonstrates strong rental performance across various unit types, from studios to multi-bedroom apartments, highlighting the robust demand and growth potential in this vibrant urban corridor.
One Theater Square
Year Built: 2018
Units: 245
Avg Studio Rent: $2,200
Avg 1BR Rent: $2,600
Avg 2BR Rent: $3,200
Walker House
Year Built: 2019 (renovated)
Units: 262
Avg Studio Rent: $2,150
Avg 1BR Rent: $2,550
Avg 2BR Rent: $3,100
Eleven80
Year Built: 2006 (renovated)
Units: 317
Avg Studio Rent: $2,050
Avg 1BR Rent: $2,450
Avg 2BR Rent: $2,900
Vermella East
Year Built: 2021
Units: 296
Avg Studio Rent: $2,300
Avg 1BR Rent: $2,700
Avg 2BR Rent: $3,400
Newark Urby
Year Built: 2019
Units: 265
Avg Studio Rent: $2,250
Avg 1BR Rent: $2,650
Avg 2BR Rent: $3,300
Iconiq 777
Year Built: 2020
Units: 300
Avg Studio Rent: $2,350
Avg 1BR Rent: $2,750
Avg 2BR Rent: $3,450
These comparable properties collectively demonstrate strong market fundamentals for multifamily assets in Newark's downtown corridor, consistently showing occupancy rates above 94% and continuous rent growth.
Project Vision & Approval
Years of planning and coordination have culminated in unanimous approval by the Newark Planning Board. This vision is not only shared but embraced by the City of Newark, paving the way for a 40-story residential tower rising from the corner of Clay Street and McCarter Highway.
The approved design features a 582,054 gross square foot tower constructed above a 4-story parking and retail/lobby podium with basement level. The development will house approximately 484 residential units across multiple configurations, serving diverse housing needs in Newark's growing market.
Comprehensive Unit Mix
484
Total Units
Diverse housing options for Newark residents
152
Studio Apartments
Averaging 560 SF each
188
1-Bedroom Units
Averaging 725 SF each
134
2-Bedroom Units
Averaging 950 SF each
12
3-Bedroom Units
Averaging 1,100 SF each
World-Class Amenities
The current design concept delivers an exceptional lifestyle experience with amenities spanning multiple floors, creating spaces for wellness, work, and community connection.
Fitness & Wellness
State-of-the-art fitness center, salon, and spa facilities
Sky Lounge
40th floor rooftop lounge with breathtaking views and outdoor terrace
Dining & Retail
Restaurant, bar, coffee shop, and general store on-site
Social Spaces
Rentable social room with full kitchen for resident events and parties
Storage Solutions
Dedicated tenant storage, bicycle storage for 100 bikes, and package room
Outdoor Terraces
Multiple green roof deck terraces for residents and events
Innovative Parking & Sustainability
Automated Parking System
The development features a cutting-edge automated parking system housing 270 vehicles across floors 2-4, maximizing efficiency and minimizing environmental impact. An additional 14 surface parking spaces provide convenient access.
Electric Vehicle Ready
14 electric vehicle charging stations demonstrate commitment to sustainable transportation and future-ready infrastructure.
Green Design Elements
Prominent vertical gardens and green roof terraces totaling over 9,500 SF create visual impact while improving air quality and reducing urban heat island effects.
Community Impact & Benefits
New Residents
Influx of residents supporting local businesses and adding vitality to the community
Job Creation
1,060 construction job-years plus permanent positions in retail, amenities, and building operations
Tax Base Growth
Significant increase from $32,999 current to over $1M annually in municipal revenue
Affordable Housing
10% inclusionary zoning component providing additional affordable units
Union Labor & Local Hiring
Preliminary discussions indicate union labor will play a significant role in construction. Job opportunities for Newark residents will be outlined in a formal PILOT agreement with the city.
Transit Hub Reinforcement
Supports and reinforces Broad Street Station as a commuter hub and focal point for Newark, aligning with Mayor Baraka's Newark Forward blueprint for inclusive transit-oriented development.
Ready to Learn More?
Contact our team to receive detailed financial information, property reports, and to schedule a site visit. We're here to answer your questions and facilitate your due diligence process.
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TES Realty Group, Inc. is a commercial real estate brokerage and advisory firm providing investment sales and capital markets advisory services in New York and New Jersey.
Nothing contained herein constitutes legal, tax, investment, or financial advice, nor an offer or solicitation to purchase or sell any real estate or security.
All property information is provided for illustrative purposes only, is subject to errors, omissions, changes, or withdrawal without notice, and is not guaranteed.
TES Realty Group, Inc. is a commercial real estate brokerage and advisory firm providing investment sales and capital markets advisory services in New York and New Jersey.
Nothing contained herein constitutes legal, tax, investment, or financial advice, nor an offer or solicitation to purchase or sell any real estate or security.
All property information is provided for illustrative purposes only, is subject to errors, omissions, changes, or withdrawal without notice, and is not guaranteed.