50 Rector Park facts for kids
Quick facts for kids 50 Rector Park |
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50 Rector Park
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| General information | |
| Status | Complete |
| Type | luxury high rise apartments |
| Location | 50 Rector Street Newark, New Jersey |
| Coordinates | 40°44′25″N 74°10′01″W / 40.740169°N 74.167076°W |
| Construction started | 2017 (construction start) |
| Completed | June 14, 2019 |
| Opening | June 2019 |
| Cost | $79 million USD |
| Management | Boraie Development |
| Height | |
| Antenna spire | no |
| Roof | 90.25 m (296.1 ft) |
| Technical details | |
| Floor count | 22 |
| Lifts/elevators | 4 |
| Design and construction | |
| Architect | Costas Kondylis |
| Developer | Boraie Development |
50 Rector Park is a tall apartment building in Newark, New Jersey. It was the first new luxury apartment building built in the city since 1962. It was first called One Riverview, then 1 Rector Street. Work started in 2017, and the building was finished in June 2019.
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Where is 50 Rector Park Located?
50 Rector Park is right next to the New Jersey Performing Arts Center (NJPAC) in Downtown Newark. It's also near the NJPAC's education building. The building is close to McCarter Highway. Across the highway, you can find Newark Riverfront Park by the Passaic River.
The NJPAC-Center Street train station is only one block away. Newark Penn Station is also just a few blocks from the building.
Newark's Living Downtown Plan
This building is a big part of Newark's Living Downtown Plan. This plan aims to make Downtown Newark a lively place all day and night. Before, it was mostly a place where people worked from 9 AM to 5 PM.
50 Rector Park is one of many new housing projects in the area. These projects are happening around the newly fixed Military Park and nearby Washington Park. Other projects include changing old buildings into new homes. Examples are the American Insurance Company Building and the old Hahne and Company store.
How Was 50 Rector Park Designed?
The original plan for 50 Rector Park was different. It was going to include an old six-story building. This building was once part of the Ballantine Brewery. Later, it was used by the University of Newark and then Rutgers School of Law. Until 2006, it was Science High School.
A new 26-story tower was planned next to this historic building. The idea was to keep the old building as part of the new complex. However, the old brewery and school building was eventually taken down. The new building now has 169 apartments for rent. It also has shops on the ground floor and 117 parking spaces for residents.
Who Built 50 Rector Park?
The 50 Rector Park project was a team effort. It was built by Shaquille O'Neal, who grew up in Newark, and Boraie Development. The project received financial help from the state of New Jersey. The city of Newark also approved a tax credit for the project in 2013.
Goldman Sachs helped with the money needed to build it. Prudential Financial, a company based in Newark, bought special bonds from the city. Shaquille O'Neal has said he plans to live on the top floor of the tower. He also hopes his mother will visit and be proud of the building.
