Newark Mayor Cory Booker, U.S. Senator Robert Menendez of New Jersey, and NBA legend Shaquille O'Neal, a native of Newark, were all on hand for the ceremony.
The 23-story, 169-unit market rate apartment building is called One Riverview at Rector Street.
It will include studio, one-bedroom, and two-bedroom apartments, with amenities including a 24-hour doorman and fitness center.
Boraie Development, LLC, is partnering with O'Neal to construct the building.
It's one of a number of projects O'Neal and Boraie are working on in New Jersey.
Last year he opened a new movie theater after a $7 million renovation.
The apartment building is near Newark's waterfront. It will be on the site of a building that once held hops for the Ballantine beer company.