Developer Buys Former Bank Property in Newark for $1.55M

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535 541 Mlk Boulevard Newark Sold 2
535-541 MLK Boulevard, Newark. Photo via Google Maps/Street View.

A property in Newark’s Central Ward that has been used for multiple purposes over the last century has a new owner.


The old Hamilton Building and Loan Association site at 535-541 Dr. Martin Luther King, Jr. Boulevard near Arts High School was sold for $1.55 million, according to Essex County property records. The property was previously owned by a Wayne-based firm, but was acquired in December 2019 by a company called 535 MLK Blvd, LLC.

A certificate of formation from the New Jersey Division of Revenue and Enterprise Services lists the Mid-Atlantic Investment Alliance as the registered agent of 535 MLK Blvd, LLC and notes that the business purpose of the latter company is “real estate redevelopment.” The certificate lists an individual named Victor Baker as the authorized representative of 535 MLK Blvd, LLC. On its website, the Mid-Atlantic Investment Alliance identifies its managing member as Victor Baker.

The Mid-Atlantic Investment Alliance has been involved in projects such as the recent Lofts at Lincoln Park development on Clinton Avenue. Representatives for the alliance could not be reached for comment for this report.

Located at the corner of William Street, the building at 535-541 Dr. Martin Luther King, Jr. Boulevard served as the home of Newark Foursquare Church and the Rising Sun Day Care Academy in recent years. In 2018, a proposal called for bringing 33 apartments to the site. A separate plan a few years earlier would have caused an office and retail complex called the Donnelly Building to be constructed on the tract.

The website for a firm called the Value Add & Income Fund currently lists this property on its project pipeline page. The page in question notes that there are plans for a 41-unit mixed-use redevelopment with two stories of parking, a fitness center, and rooftop patio on the premises. Victor Baker is listed online as the Value Add & Income Fund’s managing partner.

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