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.
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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, ...
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