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.
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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 prop...
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