NEWARK—As New Jersey’s biggest city looks to fill out its skyline, developers and real-estate analysts say Newark may be poised for a residential revival.

Last week, Philadelphia developer Dranoff Properties closed on $116 million in financing to build a 22-story luxury apartment building in Newark’s downtown. At a nearby site, a development team that includes retired basketball star Shaquille O’Neal is expected to wrap up financing for a 23-story apartment tower later this month.

The...