Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Stipulation of Settlements for Tax Appeals
List of Property:
(Tax Payer/Address/Block/Lot/Ward/Assmnt./Year/Refund Amount)
10 Commerce Newark Urb. Ren., LLC/144.01/46/C0001/1136-1166 Raymond Boulevard/Central/2025/$3,600,000/-$115,971.00
Meadowlands Restaurant, Inc./448/46/330-344 Mayor Gibson Boulevard/Central/2024/$1,516,100/-$0.00
Meadowlands Restaurant, Inc./448/46/330-344 Mayor Gibson Boulevard/Central/2025/$1,200,000/-$12,640.84
Meadowlands Restaurant, Inc./448/46/330-344 Mayor Gibson Boulevard/Central/2026/$1,100,000/-$16,639.84
429 Delancy C/O Sai Mgmt./5042/15.02/507-543 Delancy Street/East/2022/$3,500,000/-$0.00
429 Delancy C/O Sai Mgmt./5042/15.02/507-543 Delancy Street/East/2023/$3,500,000/-$0.00
429 Delancy C/O Sai Mgmt./5042/15.02/507-543 Delancy Street/East/2024/$2,500,000/-$38,030.00
429 Delancy C/O Sai Mgmt./5042/15.02/507-543 Delancy Street/East/2025/$2,500,000/-$39,990.00
361 Kerrigan Blvd., LLC/4148/31/361-363 Kerrigan Boulevard/West/2024/$291,900/-$0.00
361 Kerrigan Blvd., LLC/4148/31/361-363 Kerrigan Boulevard/West/2025/$260,000/-$1,275.68
Treacy Clinton, LLC/4100/35(36)/658-660 Sandford Avenue/West/2022/$1,021,200/-$0.00
Treacy Clinton, LLC/4100/35(36)/658-660 Sandford Avenue/West/2023/$800,000/-$8,246.34
Treacy Clinton, LLC/4100/35(36)/658-660 Sandford Avenue/West/2024/$750,000/-$10,313.74
894 S. 18th St., LLC/4064/63/113-115 Brookdale Avenue/West/2024/$224,400/-$0.00
894 S. 18th St., LLC/4064/63/113-115 Brookdale Avenue/West/2025/$200,000/-$975.76
268 Littleton Ave., LLC/4183/45/52-54 Monticello Avenue/West/2024/$228,900/-$0.00
268 Littleton Ave., LLC/4183/45/52-54 Monticello Avenue/West/2025/$215,000/-$555.86
46 2nd Ave Holdings, LLC/560/3/46 2nd Avenue/North/2024/$237,700/-$0.00
46 2nd Ave Holdings, LLC/560/3/46 2nd Avenue/North/2025/$220,000/-$707.82
894 S. 18th St., LLC/722/38/63 Delavan Avenue/North/2024/$221,200/-$0.00
894 S. 18th St., LLC/722/38/63 Delavan Avenue/North/2025/$200,000/-$847.79
Friedman, Chana/1811/11/99 S. 7th Street/West/2024/$230,400/-$0.00
Friedman, Chana/1811/11/99 S. 7th Street/West/2025/$215,000/-$615.85
164 S 10, LLC/1826/52/174 S. 11th Street/West/2024/$265,700/-$0.00
164 S 10, LLC/1826/52/174 S. 11th Street/West/2025/$245,000/-$827.79
164 S 10, LLC/1827/41/164 S. 10th Street/West/2024/$231,200/-$0.00
164 S 10, LLC/1827/41/164 S. 10th Street/West/2025/$215,000/-$647.84
268 Littleton Ave., LLC/1856/22/65 S 9th Street/West/2024/$251,300/-$0.00
268 Littleton Ave., LLC/1856/22/65 S 9th Street/West/2025/$230,000/-$851.79
139 Shepard Holdings, LLC/1858/43/122-124 S. 12th Street/West/2024/$274,200/-$0.00
139 Shepard Holdings, LLC/1858/43/122-124 S. 12th Street/West/2025/$250,000/-$967.76
709 S. 15th St. Holdings, LLC/1865/26/85 S 14th Street/West/2024/$230,400/-$0.00
709 S. 15th St. Holdings, LLC/1865/26/85 S 14th Street/West/2025/$200,000/-$1,215.70
894 S. 18th St., LLC/2680/35/140 Badger Avenue/South/2024/$258,500/-$0.00
894 S. 18th St., LLC/2680/35/140 Badger Avenue/South/2025/$240,000/-$739.82
151 Ridgewood Ave. Holdings, LLC/2692/28/151 Ridgewood Avenue/South/2024/$270,600/-$0.00
151 Ridgewood Ave. Holdings, LLC/2692/28/151 Ridgewood Avenue/South/2025/$240,000/-$1,223.69
72-74 4th St. Holdings, LLC/2694/31/461 Irvine Turner Boulevard/South/2024/$151,100/-$0.00
72-74 4th St. Holdings, LLC/2694/31/461 Irvine Turner Boulevard/South/2025/$140,000/-$443.89
894 S. 18th St., LLC/3013/79/894 S. 18th Street/South/2024/$256,600/-$0.00
894 S. 18th St., LLC/3013/79/894 S. 18th Street/South/2025/$230,000/-$1,063.73
175 Parker St. Holdings, LLC/3072/72/106 Schley Street/South/2024/$224,600/-$0.00
175 Parker St. Holdings, LLC/3072/72/106 Schley Street/South/2025/$205,000/-$783.80
33 S Munn Ave. Holdings, LLC/4031/82/33 S. Munn Avenue/West/2024/$216,200/-$0.00
33 S Munn Ave. Holdings, LLC/4031/82/33 S. Munn Avenue/West/2025/$150,000/-$2,647.34
62 Isabella, LLC/4034/35/62 Isabella Avenue/West/2024/$256,500/-$0.00
62 Isabella, LLC/4034/35/62 Isabella Avenue/West/2025/$220,000/-$1,459.64
43 N. 18th Street Partners, LLC/4040/5(6)/90-92 West End Avenue/West/2024/$258,900/-$0.00
43 N. 18th Street Partners, LLC/4040/5(6)/90-92 West End Avenue/West/2025/$230,000/-$1,155.71
R.M. Bradley & Co., % R. Ellis/927/17/176-180 South Street/East/2024/$1,078,900/-$0.00
R.M. Bradley & Co., % R. Ellis/927/17/176-180 South Street/East/2025/$965,000/-$4,554.86
R.M. Bradley & Co., % R. Ellis/927/20/174 South Street/East/2024/$85,000/-$0.00
R.M. Bradley & Co., % R. Ellis/927/20/174 South Street/East/2025/$85,000/-$0.00
LBA Or Core-Company XVI, LLC/5088/156.02/110-126 Frontage Road/East/2024/$16,900,000/-$266,210.00
LBA Or Core-Company XVI, LLC/5088/156.02/110-126 Frontage Road/East/2025/$15,000,000/-$355,911.00
BK Ventures, LLC/5090/28/428-450 Route 1 & 9/South/2024/$8,500,000/-$22,414.89
BK Ventures, LLC/5090/28/428-450 Route 1 & 9/South/2025/$8,250,000/-$33,567.61
Bk Ventures, LLC/5090/28/428-450 Route 1 & 9/South/2026/$8,250,000/-$35,498.23
Additional Information:
Total Credits: $978,995.61
body
WHEREAS, there are now pending before the Tax Court of New Jersey direct appeals challenging real property assessments and actions to review judgments of the Essex County Board of Taxation with regard to properties listed on the attached Schedule A, August 2026 Credits; and
WHEREAS, after a review of the appraisals of both the City and the taxpayer and an analysis of prior County Board and Tax Court actions as they affect these properties, and after careful consideration of these facts, it is the opinion of the Tax Assessor and the Corporation Counsel, or his designee (“Outside Counsel”) that these settlements are in the best interests of the City of Newark.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Corporation Counsel of the City of Newark be and is hereby authorized to execute a Stipulation of Settlement with regard to certain properties as set forth in Schedule A, August 2026 Credits, after receipt of all documents deemed appropriate.
2. The City Clerk shall serve a copy of this resolution upon the Tax Assessor, Corporation Counsel and the Director of Finance.
STATEMENT
This Resolution authorizes the Corporation Counsel, or his designee, to execute a Stipulation of Settlement with regard to Tax Appeals on certain properties set forth in Schedule A, August 2026 Credits.