Shaquille O’Neal just made a colossal-sized real estate move in his birthplace of Newark, New Jersey, by opening a 22-story, $80 million high-rise apartment building called 50 Rector Park.
The residential property is said to be the first high-rise built in Newark in over 50 years, and it’s close to the New Jersey Performing Arts Center. It also has a view of New York City.
Earlier this week, the former Los Angeles Laker attended a ribbon-cutting ceremony for the property, where Mayor Ras Baraka also attended.
The building is a result of a partnership between O’Neal, Boraie Development and the Goldman Sachs Urban Investment Group.
It has 169 residential units, as well as a techno gym, a sky deck, a private dining room and a co-working space. Rents go between $1,800 and $2,895 per month, and studios, one and two bedroom apartments are being offered.
The development, which opened over the summer, has already leased 60 percent of its units, and O’Neal spoke to NJ Advance Media about it.
“It’s going to go down as the most historic building in Newark,” he once stated. “Second of all, it’s going to continue to beautify our city.”
News of O’Neal being involved with 50 Rector Park is the second time in weeks that someone associated with the NBA has made a big real estate announcement.
Earlier this month, it was announced that LeBron James partnered with Graduate Hotels to open a historic building in his hometown of Akron, Ohio, for students who attend his I Promise School and their families.
More than 20 units have been renovated, and it’s within walking distance of the school. The building will help those families whose housing struggles have kept students from being able to fully focus in class.
As for O’Neal, he spoke about the high-rise during a ceremony last year and explained why he wanted to build in Newark.
“In 1992, me and my mother were visiting some relatives and my mother said to me, ‘I remember when this city used to be beautiful, somebody needs to come by and invest in this city and make it beautiful again,'” he explained. “She gave me an elbow to the chest like I’m that somebody.”