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Residential Development Site at 115 Chestnut Street Placed on Market, Newark, N.J.

115 Chestnut StreetApproved 115 Chestnut Street. Rendering: Chestnut Global Enterprises, via Jersey Digs

Property owner Chestnut Global Enterprises has placed the development site at 115 Chestnut Street, located on the corner of Hermon Street in Newark’s Ironbound district, on the market for $3.96 million, Jersey Digs reported. Plans for a five-story, 72-unit residential building, called Vesey Street Commons, are fully approved. The apartments would range from one- to two-bedrooms, if a new developer were to follow the latest permits. The 28,988-square-foot plot is currently vacant. Until roughly a decade ago, it was occupied by an industrial building utilized by the Wilson Imperial Company.

115 Chestnut Street

Vacant 115 Chestnut Street. Image via Google Maps.