224 Market Street

Adaptive-reuse opportunity brief

224 Market Street / Newark, NJ 07102

Newark, NJ 07102 / Generated 2026-10-27

Preliminary Adaptive-Reuse
Opportunity Snapshot

Newark, NJ 07102

91Opportunity score / 100

Available Space: +/- 8,000 SF
Property Type: Retail / Restaurant
Condition: Former full-service restaurant
Location: Market & Lafayette Streets
Transit Score: Excellent
Event Traffic: 200+ events/year

Executive opportunity summary

An established restaurant footprint and arena-district corner provide a starting point for food, beverage and entertainment reuse, subject to operator, lease and building review.

Existing restaurant infrastructure
Arena-adjacent location
Highly visible corner
Multiple reuse directions

Adaptive-reuse opportunity brief

224 Market Street / Newark, NJ 07102

Reuse opportunities

Scenario A / Recommended direction

Sports Bar + Event Lounge

Sports viewing + premium bar
Restaurant kitchen + event service
Private watch-party areas
Approximately 8,000 SF reuse study

Investment: ~$1.10M
Operating PV: ~$2.43M
Value surplus: ~$1.33M
Surplus ROI: 121.0%

Scenario B / Alternative

Food Hall

Multiple vendor kitchens
Shared seating + circulation
Operator bar / shared facilities
Approximately 8,000 SF reuse study

Investment: ~$2.20M
Operating PV: ~$3.06M
Value surplus: $857,422
Surplus ROI: 39.0%

Scenario C / Alternative

Arena Play Lounge

Social gaming + lounge zones
Food + beverage service
Group events + flexible seating
Approximately 8,000 SF reuse study

Investment: ~$1.41M
Operating PV: ~$2.29M
Value surplus: $877,353
Surplus ROI: 62.2%

Concepts are not approved capacity or guaranteed returns. Recommended refers to the direction for further review. All economics are leasehold operating tests, not property valuations.

Adaptive-reuse opportunity brief

224 Market Street / Newark, NJ 07102

Existing property + use potential

Available Space: +/- 8,000 SF
Property Type: Retail / Restaurant
Condition: Former full-service restaurant
Location: Market & Lafayette Streets
Transit Score: Excellent
Event Traffic: 200+ events/year

Use and activation priorities

Zoning district: District confirmation
Existing use: Full-service restaurant
Potential uses: Dining, food hall, social entertainment
Adaptive reuse: Retain viable restaurant infrastructure
Liquor / hospitality: License available per listing
Occupancy: Capacity and layout study
Parking / access: Corner entry and service coordination
Code / life safety: Egress, accessibility and fire review
Entitlement path: Use review, design and permits

Existing-building adaptive reuse / use confirmation required. Flyer facts require current broker confirmation; no use or liquor-license approval is established.

Adaptive-reuse opportunity brief

224 Market Street / Newark, NJ 07102

Risks + reuse strategy

Priority review matrix

Lease + landlord approvalsConfirm permitted use, lease length, rent, allowances and landlord work.Review

Liquor licenseConfirm availability, transfer, pricing and all approvals; no license cost is established.Review

Building systemsSurvey kitchen, MEP, exhaust, grease, fire protection and structural condition.Review

Code + accessibilityConfirm occupancy, egress, accessibility and change-of-use requirements.Review

Event demand + seasonalityValidate conversion of arena traffic into achievable sales and weekday demand.Review

Operator + deliveryConfirm operator capacity, vendor commitments, capital and contractor pricing.Review

Reuse strategy

Reuse viable restaurant infrastructure
Separate customer and service circulation
Activate the corner storefront
Plan kitchen, exhaust and grease capacity
Resolve accessibility and safe egress
Balance event and weekday trading

Adaptive-reuse opportunity brief

224 Market Street / Newark, NJ 07102

Preliminary operating feasibility

Sports Bar + Event Lounge / leasehold operating test

Initial investment: ~$1.10M
Stabilized annual revenue: ~$4.20M
Stabilized operating cash: $499,000
10-year operating value (PV): ~$2.43M
Potential value surplus: ~+$1.33M
Value-surplus ROI: 121.0%
Project IRR (annual): 32.3%
Payback from first investment: 4.0 years

Cost allocation

Lease / setup6.8%
Renovation + TI29.1%
Kitchen + FF&E31.9%
Soft costs7.3%
Contingency9.2%
Opening + carry15.7%

Operating value less investment

Planning inputs

Area / lease horizon test: 8,000 SF / 10 operating years
Renovation / TI: $200,000 / $120,000
Kitchen / FF&E: $200,000 / $150,000
Lease setup / opening: $75,000 / $120,000
Annual revenue / rent: ~$4.20M / $40/SF/year
Non-rent operating ratio: 80.5% / annual cash $499,000
Fit-out / ramp / discount: 9 / 12 months / 12.0%
Revenue / rent growth: 2.0% / 2.0% annually

Value-surplus ROI = (operating PV - nominal investment) / investment. Monthly flows include buildout draws and ramped operations; half of non-rent expenses and full rent remain fixed during ramp. No property cap rate is applied. Annualized IRR is omitted if flows do not have one conventional investment-to-return pattern.

Adaptive-reuse opportunity brief

224 Market Street / Newark, NJ 07102

Next steps + contact

One block from Prudential Center
200+ events annually / broker-reported
2M+ annual arena visitors / broker-reported
NJ Transit, PATH and Amtrak
Downtown workforce and university population

Feasibility & due diligence roadmap

01Confirm lease and license terms
02Survey existing building systems
03Confirm use, occupancy and accessibility
04Test concept layout and capacity
05Validate operator sales and costs
06Obtain contractor pricing
07Review operating cash flows
08Coordinate design and approvals

Next steps

Confirm lease and license terms
Select an operator-led concept
Inspect systems and code requirements
Validate scope, sales and funding
Request professional feasibility review

Listing representative: Ryan Starkman, Pierson Commercial Real Estate
732-724-4501 / ryan@piersonre.com

Explore the full opportunity

Interactive property analysis at oplot.app

Request a feasibility review

Preliminary analysis

This report provides preliminary opportunity analysis for early-stage exploration only. Property information, development concepts, market information, costs, revenues, values and projected returns are based on available information and stated assumptions and may change materially. This report is not an appraisal, investment recommendation, financing commitment, legal opinion or guarantee of development feasibility or financial performance. Recipients should independently verify material information and obtain appropriate professional advice before making acquisition, investment, financing, design, permitting or construction decisions.

To the maximum extent permitted by applicable law, OpLot and its contributors make no representation or warranty regarding the completeness or accuracy of preliminary estimates and are not responsible for decisions made solely in reliance upon them. Nothing in this notice excludes liability or rights that cannot lawfully be excluded.

Unless otherwise identified, analysis graphics, development diagrams, massing studies and development illustrations presented within OpLot property analyses are created by OpLot using publicly available information, supplied information and preliminary site analysis.

Sources: Pierson Commercial Real Estate flyer, supplied existing-condition photos and independent OpLot concept studies. National Restaurant Association operating research is broad context, not this operator's performance. No lease, license price or real-estate cap rate is confirmed.

224 Market Street: opportunity report