Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Estoppel Certificate
Purpose: Issuance of Estoppel Certificate certifying the status of the Financial Agreement.
Entity Name: SUW K Urban Renewal LLC
Entity Address: 20 W. 47" Street, Suite 705, New York, New York 10036
Sale Amount: $0.00
Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $0.00
Contract Period: Not Applicable
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
(Address/Block/Lot/Ward)
430-436 Market Street, Newark, New Jersey 07105 Block 176, Lot 1/East Ward
Additional Information:
Ordinance 6PSF-f, adopted on July 2, 2025, authorized the Financial Agreement.
body
WHEREAS, pursuant to Ordinance 6PSF-f, adopted on July 2, 2025, the Municipal Council granted a twenty-five (25) year tax abatement to SUW K Urban Renewal LLC, 20 W. 47" Street, Suite 705, New York, New York 10036, under the provisions of the Long Term Tax Exemption Law as amended and supplemented, N.J.S.A. 40A:20-1, et seq. (the "Long Term Tax Exemption Law"), for a project located in the East Ward at 430-436 Market Street, Newark, New Jersey 07105 and identified on the City’s tax map as Block 176, Lot 1 (the “Property”) to construct a new thirteen (13) story mixed use building with two-hundred twenty-five (225) residential rental units consisting of one hundred ninety-six (196) market rate residential rental units, twenty-nine (29) affordable housing rental units, 1,222 square feet of commercial space, and seventy (70) rental parking spaces, a 8,590 square foot amenity room and gym, a terrace that wraps around the amenity spaces (collectively, the “Project”); and
WHEREAS, on or about August 20, 2025, the City of Newark and SUW K Urban Renewal LLC executed a Financial Agreement setting forth the terms and conditions of the tax abatement, a copy of which is attached hereto as Exhibit A; and
WHEREAS, the SUW K Urban Renewal LLC has entered into that certain mortgage loan (the “Mortgage Loan”) made by Cross River Bank ISAO/ATIMA, together with its affiliates, participants, successors and assigns, (the “Mortgage Lender”), in the original principal amount of $54,000,000.00; and
WHEREAS, as a post-closing condition of the above Mortgage Loan, the Mortgage Lender has requested that the City issue an Estoppel Certificate certifying the status of the Financial Agreement, a copy of which is attached hereto as Exhibit B; and
WHEREAS, the Deputy Mayor/Director of the Department of Economic and Housing Development determined that the Project is in the best interest of the City and recommends that the City execute and deliver the Estoppel Certificate so that the Project may be completed.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Mayor of the City of Newark and/or his designee, the Deputy Mayor/Director of the Department of Economic and Housing Development, is hereby authorized, empowered and directed to execute the Estoppel Certificate, in the form attached hereto as Exhibit B.
2. The Municipal Council hereby ratifies its authorization to execute the Estoppel Certificate from November 18, 2025 through the date of adoption of this authorizing Resolution.
3. The Deputy Mayor/Director of the Department of Economic and Housing Development shall place filed copies of the fully executed Estoppel Certificate with the Office of the City Clerk.
STATEMENT
This Resolution authorizes the Mayor of the City of Newark and/or designee, the Deputy Mayor/Director of the Department of Economic and Housing Development, to execute and deliver an Estoppel Certificate to enable the SUW K Urban Renewal LLC, 20 W. 47" Street, Suite 705, New York, New York 10036, to obtain a mortgage for the housing Project located in at 430-436 Market Street, Newark, New Jersey 07105 and identified on the City’s tax map as Block 176, Lot 1 (the “Property”) (East Ward), to construct a new thirteen (13) story mixed use building with two-hundred twenty-five (225) residential rental units consisting of one hundred ninety-six (196) market rate residential rental units, twenty-nine (29) affordable housing rental units, 1,222 square feet of commercial space, and seventy (70) rental parking spaces, a 8,590 square foot amenity room and gym, a terrace that wraps around the amenity spaces (collectively, the “Project”).