Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Rehabilitation and Conversion to Market-Rate Apartments Entity Name: Commerce 34 LLC Entity Address: 34 Commerce Street, Newark, New Jersey 07102 Sale Amount: $700,000.00 Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other: Assessed Amount: $839,400.00 Appraised Amount: $0.00 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) 34 Commerce Street/Block 145/ Lot 28/ Central Ward Additional Information: Sale Price: Negotiated = $700,000.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties

Resolution Adopted Introduced April 10, 2026

What this record is

Held by: Commerce 34 LLC
Amount: $839K
Runs until: Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗
Type: amendment

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Read automatically from the title of the official record. The source document below is authoritative.

Committee: Economic and Housing Development
Introduced: April 10, 2026
On agenda: May 20, 2026
Passed: May 20, 2026

Full text & attachments ↗ Briefing (PDF) Rebid Radar

Where it was heard

Municipal Council May 20, 2026 Adopt Pass

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