Building
Axria's $221M flagship — a 610,190 GSF mixed-use value-add redevelopment at 744 Broad Street, Newark's most iconic address. Fully entitled. Construction commences February 2027.
The National Newark Building at 744 Broad Street is Axria's most transformative project — a 610,190 GSF mixed-use value-add redevelopment in the heart of Newark's Central Business District. 744 Broad Street is one of Newark's most recognizable and historically significant addresses, commanding a prominent position on the city's main commercial spine and offering unparalleled visibility, institutional presence, and scale.
The project involves a comprehensive redevelopment of this landmark property, converting and repositioning the building to capitalize on Newark's continued momentum as a major East Coast urban center. The total project cost of $221.1M represents the largest single project in Axria's history — reflecting the scale, ambition, and transformative potential of this flagship investment.
The project is fully entitled. Construction is scheduled to commence February 2027 with completion in January 2031 — a 47-month construction period appropriate for a mixed-use redevelopment of this complexity and scale. Following a 12-month lease-up, the asset is projected to achieve stabilized NOI of $14,378,234 in Year 10 (2036).
Axria is seeking $55.3M in equity for this development — representing a 25% equity position in the project, with $165.9M in construction financing completing the capital stack. The asset will be sold upon stabilization at institutional grade pricing.
| Pro Forma Line Item | Year 6 — 2032 | Year 7 — 2033 | Year 8 — 2034 | Year 9 — 2035 | Year 10 — 2036 |
|---|---|---|---|---|---|
| Effective Gross Revenue | $9,104,102 | $17,672,274 | $18,202,442 | $18,748,516 | $19,310,971 |
| Total Operating Expenses (26%) | ($3,159,286) | ($4,564,246) | ($4,683,807) | ($4,806,607) | ($4,932,737) |
| Net Operating Income | $5,944,816 | $13,108,028 | $13,518,636 | $13,941,909 | $14,378,234 |
Newark's Urban Renaissance
Newark is New Jersey's largest city and is experiencing the most significant private investment cycle in its modern history. Prudential Financial — one of the world's largest financial services companies — is headquartered in the CBD. Amazon, Audible, and major NJ state agencies anchor employment in the market. The city has attracted billions in infrastructure investment including major redevelopment along the Broad/Market Street corridor and McCarter Highway.
Transit Connectivity — Penn Station Hub
Newark Penn Station is steps from 744 Broad Street, serving as a major NJ Transit, Amtrak, and AirTrain hub. Direct rail to New York Penn Station takes approximately 20 minutes — positioning Newark as a genuinely competitive live-work alternative for Manhattan-priced-out professionals. PATH train, NJ Transit bus, and the Newark Light Rail system further enhance connectivity throughout the metro area.
Mixed-Use Investment Thesis
744 Broad Street's mixed-use program positions the asset to capture multiple revenue streams simultaneously — residential income providing stable NOI base, retail/commercial at street level providing vibrancy and premium positioning, and potential institutional/office components serving Newark's growing corporate and government tenant base. This diversification is core to the 26% OpEx ratio and strong NOI stability.
Institutional Exit at Scale
At stabilized NOI of $14.4M (Year 10), the National Newark Building is sized for institutional exit in the $200–320M range at 4.5–7% cap rates. This scale positions the asset for acquisition by REITs, insurance company separate accounts, pension funds, and other institutional buyers who specifically target stabilized, large-format CBD mixed-use assets in gateway markets. The size and quality of the exit market is a significant advantage for equity investors.
Axria's Flagship Investment Opportunity
At $221M, the National Newark Building represents a generational mixed-use development opportunity at one of Newark's most iconic addresses. Equity positions are limited.
Junaid Ahmed — Vice President, Axria · junaidA@axria.com · +1 281 425 9981
Axria Headquarters — 399 Hoes Lane, Piscataway, NJ 08854 · +1 732 809 8000 · info@axria.com