Property summary
This four-family residential property is located on Cottage Street, approximately two blocks from the Journal Square PATH station and about one block from Newark Avenue’s restaurant row. The building sits on an oversized lot measuring over 2,750 square feet and contains approximately 6,350 square feet of livable area. The property currently features 4 units comprising 8 bedrooms and 5 full bathrooms. It is situated within an Opportunity Zone and the Journal Square Redevelopment Zone 4, where current zoning allows for a 4-story, 44-foot-high residential or hotel development. The deep lot and available floor area ratio are described as sufficient to support elevators and potentially accommodate up to 9 residential rental/condominium units or up to 14 hotel keys. The surrounding area includes nearby retail and services, along with proximity to hospitals and the planned Homestead Place Pedestrian Plaza; the location is also within walking distance of the Journal Square PATH service providing access toward New York City, and provides road connectivity to Newark, JFK, and LaGuardia airports via Route 1 & 9 and Highway 139.
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Property description
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