Built in 1969, The Essex Lake House, formerly known as Carmel Towers, is a high rise structure towering over the beautiful Weequahic Park. Weequahic Park was designed by the same firm that designed Central Park, The Olmsted Brothers, and is the second largest park in Essex County. The 26-story property affords 360-degree views that include the skylines of Manhattan, Downtown Newark, and Jersey City, in addition to New York Harbor. Once a building that catered to the thriving middle class demographic of Newark, NJ, it fell into disrepair and neglect. It eventually turned into a Section 8 building and later vacated by the New Jersey State HUD office in 2012.
The Ishay Group quickly recognized in 2013 that Newark was one of the fastest growing and dynamic cities in the Northeast. Newark now has over $2 billion in development underway and is rapidly transitioning into a 24-hour live, work, and play destination. It also recognized the accessibility of the Property to major transit arteries and its proximity to Newark Airport. Fortuitously, two years after retaining control of the property, the Port Authority Commissioner announced a $1.7 Billion project to extend the PATH Train with plans for a station within walking distance to the Property.
The Ishay Group has had to work with the municipality from the onset of the project through its programming. The Ishay Group was awarded the winning bid when NJHMFA launched an RFP process for the six notes that were outstanding on the project. The plans call for 216 units, a full set of amenities, and 104 parking spaces. The Ishay Group has been vocal about reinvigorating the architect's original intent to design the tower in a way that symbiotically coexists with the Park. Upon completion, The Ishay Group is confident that the building will be restored to its former glory, while serving the needs of the transit oriented demographic that appreciate a work live setting.