A new 15-story apartment tower in Newark, New Jersey, is contributing to the revitalization of the city's University Heights neighborhood and adding a uniquely designed building to the scene.
Newark, the Garden State's largest city, is a college town. And newly completed Hoyt Tower at 50 Sussex Ave., a multifamily building with 203 units, is located in the midst of the dynamic community of over 50,000 students from both Rutgers University's campus in the city and the New Jersey Institute of Technology's base there. In fact, the apartment building is directly across from NJIT.
Newark has seen a flurry of multifamily development, encouraged by local officials, as the city has the oldest housing stock in Northern New Jersey. Hoyt Tower in the University Heights neighborhood addresses that issue. That's why the project has been selected by a panel of industry professionals as the 2025 CoStar Impact Awards multifamily development of the year for Northern New Jersey.
The project from KS Group and Tona Construction and Management obtained $50 million in construction financing two years ago, arranged by FM Capital.
"This property is a perfect illustration of the revitalization now underway in Newark’s central core,” FM Capital Vice President Avi Eyal said at the time. "FM Capital leveraged our keen understanding of the real estate finance marketplace to deliver a competitive loan for this outstanding project.”
About the project: The building has a striking look that sets it apart. INOA Architecture designed a tower with glass walls and rounded corners. It also has cantilevers that create nooks for private residential terraces.
Hoyt Tower's amenities include a state-of-the-art fitness center and sauna, a resident lounge, an elevated outdoor area, coworking space, a theater room, grilling stations and a 24-7 concierge.
The property has quick access to public transportation with the Broad Street Station and NJ Transit light rail nearby. Its location makes sense for students, professionals and families seeking an urban lifestyle in the heart of Newark.
What the judges said: Hoyt Tower is significant to Newark because it could help lead to a transformation of University Heights, according to Beth Chezmar, a vice president at Lee & Associates. And the multifamily development can "bring in employers transforming the community," said Joseph Nicholson, Montclair University associate professor of hospitality and tourism.
They made it happen: Daniel Spiegel, chief executive officer, KS Group; INOA Architecture; and Tona Construction and Management.