Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: First Amendment to the Private Sale/Redevelopment to Creative Development Real Estate, LLC, to correct the Sale Amount and Appraised Amount
Entity Name: 847-983 Doremus Avenue, LLC
Entity Address: 500 Avenue P, Newark, New Jersey 07105
Sale Amount: $4,335,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $2,237,300.00
Appraised Amount: $4,335,000.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of property ownership from the City to the Redeveloper
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
(X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
85 Riverside Avenue/Block 674/Lot 3/ North Ward
77-83 Riverside Avenue/Block 674/Lot 4/ North Ward
87-101 Riverside Avenue/Block 674/Lot 5/ North Ward
198-202 Meeker Avenue/Block 3730.01/Lot 2/ South Ward
847-896 Doremus Avenue/ Block 5082/Lot 74/ East Ward
Additional Information:
Resolution 7R2-b adopted on May 20, 2026, authorized the Private Sale/Redevelopment pursuant to the Agreement for the Sale and Redevelopment of Land.
This Resolution authorizes a First Amendment to the Agreement for the Sale and Redevelopment of Land to correct the Sale Amount and Appraised Amount.
body
WHEREAS, on May 20, 2026 the Newark Municipal Council adopted Resolution 7R2-b (the “Original Resolution”), which authorized the Mayor and/or his designee the Deputy Mayor/Director of the Department of Economic and Housing Development to enter into and execute an Agreement for the Sale and Redevelopment of Land (“Agreement”), for the sale of the following City-owned properties (the “Properties”) to 847-983 Doremus Avenue, LLC,500 Avenue P., Newark, New Jersey 07105 (“Redeveloper”), pursuant to the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq., located within the East, South and North Wards, no longer needed for public use, in accordance with Ordinance 6S&Fe(S) on September 21, 2005, adopting the Third Amendment to the East Ward Redevelopment Plan governing the redevelopment of City-owned property located within the East Ward, the Third Amendment to the South Ward Redevelopment Plan, adopted by Ordinance 6S&Fd(S) on August 17, 2005 and Ordinance 6S&Fa(S) on August 17, 2005, adopting the Third Amendment to the North Ward Redevelopment Plan governing the redevelopment of City-owned property located within the North Ward, as amended, which governs the redevelopment of City-owned property located in the East, South and North Wards, in the amount of Fifty-Four Thousand Seven Hundred Fifty Dollars and Zero Cents ($4,000.00), for the construction of an eighty (80) to one hundred (100) unit residential apartment building, with a minimum of 20% designated as affordable housing, at 198-202 Meeker Avenue. Development of a truck and trailer parking facility at 847-983 Doremus Avenue, leveraging its proximity to the Port of Newark and surrounding industrial area for port-related use. Redevelopment of 77-101 Riverside Avenue for industrial use following a comprehensive environmental review, beginning with a site investigation report and completion of all necessary environmental remediation (“Scope of Project”):
ADDRESS WARD BLOCK LOT
25 Riverside Avenue North 674 3
77-83 Riverside Avenue North 674 4
87-101 Riverside Avenue North 674 5
198-202 Meeker Avenue South 3730.01 2
847-896 Doremus Avenue East 5082 74
WHEREAS, during the execution of the agreement is was discovered that the Sale Amount and Appraisal Amount were incorrect; and
WHEREAS, the Sale Amount and Appraisal were to be based upon the Appraised Values reported by Hendricks Appraisal Company, LLC (“Appraisal Reports”), attached hereto as Exhibit B; and
WHEREAS, the Sale Amount and Appraisal need to be corrected from Sale Amount: $4,000,000.00 and Appraised Amount: N/A to Sale Amount: $4,335,000.00 and Appraised Amount: $4,335,000.00 (“Amended Sale Amount and Appraised Amount”); and
WHEREAS, the Deputy Mayor/Director of the Department of Economic Housing and Development has reviewed and approved the corrected Sale Amount and Appraisal Amount and recommends that the Newark Municipal Council authorize the execution of the First Amendment to the Agreement for the Private Sale/Redevelopment with the corrected Sale Amount and Appraisal Amount (“Amended Agreement”); and
WHEREAS, the City and Redeveloper desire to amend the Original Resolution, to approve to change the purpose of the sale to reflect the Amended Project Description and enter into the First Amendment to the Agreement for the Private Sale/Redevelopment (“Amended Agreement”) in order to memorialize the terms and conditions of the sale and redevelopment of the Properties, in a form substantially consistent to the Amended Agreement, attached hereto as Exhibit A.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. Resolution 7R2-b, adopted on May 20, 2026 (“Original Resolution”) by the Newark Municipal Council and the Private Sale/Redevelopment (“Original Agreement”) are hereby amended to change the following:
• The Sale Amount and Appraisal need to be corrected from Sale Amount: $4,000,000.00 and Appraised Amount: N/A to Sale Amount: $4,335,000.00 and Appraised Amount: $4,335,000.00 (“Corrected Sale Amount and Appraised Amount”).
2. The Mayor and/or his designee, the Deputy Mayor/Director of the Department of Economic and Housing Development, is hereby authorized to enter into and execute the First Amendment to the Agreement for the Private Sale/Redevelopment (“Amended Agreement”), in the form attached here to as Exhibit A, with 847-983 Doremus Avenue, LLC,500 Avenue P., Newark, New Jersey 07105 (the “Redeveloper), for the construction of the following Property, for the following Purchase Price, in accordance with the requirements of N.J.S.A. 40A;12A-8(g), the terms and conditions of the attached Amended Agreement and the East, South, North Ward Redevelopment Plans, as amended and to correct the Sale Amount and Appraisal Amount, (“Amended Agreement”):
ADDRESS WARD BLOCK LOT
25 Riverside Avenue North 674 3
77-83 Riverside Avenue North 674 4
87-101 Riverside Avenue North 674 5
198-202 Meeker Avenue South 3730.01 2
847-896 Doremus Avenue East 5082 74
3. All other terms and conditions of the Original Resolution and the Original Agreement shall remain in full force and effect.
4. The Deputy Mayor/Director of the Department of Economic and Housing Development is hereby authorized to effectuate certain business terms and conditions related to the Amended Agreement and may enter into any related documents, which may be necessary in order to effectuate the Amended Agreement.
5. The executed Amended Agreement and the Quitclaim Deed shall be placed on file in the Office of the City Clerk by the Deputy Mayor/Director of the Department of Economic and Housing Development.
6. The Deputy Mayor/Director of the Department of Economic and Housing Development is authorized to enter into a maximum of two (2) six (6) month extensions of any timeframe set forth in the Amended Agreement, subject to full written disclosure of such extension(s) (in the form of a signed Memorandum to be submitted to the Office of the City Clerk prior to adoption) to the Municipal Council of the City of Newark by the Deputy Mayor/Director of the Department of Economic and Housing Development and the approval of the City of Newark’s Corporation Counsel.
7. The Redeveloper shall have thirty (30) days from the date this Resolution is certified by the Office of the City Clerk to execute the attached Amended Agreement and return same to the Department of Economic Housing Development. Should the Redeveloper fail to execute and return the attached Amended Agreement within this thirty (30) day time period, the authorization provided by this Resolution shall be null and void, unless the Deputy Mayor/Director of the Department of Economic and Housing Development agrees in writing to extend this thirty (30) day period.
8. The Deputy Mayor/Director of the Department of Economic and Housing Development is hereby authorized to execute a Quitclaim Deed to the Redeveloper for the Property. Said Quitclaim Deed conveying title to the Property to the Redeveloper shall be approved as to Form and Legality by the City’s Corporation Counsel and attested to and acknowledged by the City Clerk.
STATEMENT
This Resolution authorizes the Mayor and/or his designee, the Deputy Mayor/Director of the Department of Economic and Housing Development, on behalf of the City of Newark, to enter into a First Amendment to the Agreement for the Sale of Land Redevelopment with 847-983 Doremus Avenue, LLC (“First Amendment”), to correct the Sale Amount and Appraisal Amount.