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.

What this record is

Held by

Development Real Estate, LLC 2 records across this site

Amount

$4.33M

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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Development Real Estate, LLC also holds

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Private Sale/Redevelopment Purpose:… $81K Newark, NJ

Committee

Economic and Housing Development

Introduced

June 9, 2026

On agenda

June 17, 2026

Passed

June 17, 2026

Where it was heard

Municipal Council Jun 17, 2026 Adopt Pass

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