Three adjacent properties under municipal ownership in Newark’s West Ward could be sold to a developer.
A proposed resolution shows that the City of Newark is planning to transfer 437-443 and 451-459 West Market Street along with 16 North 6th Street in the West Ward to Tritop Realty, LLC through a $140,400 private sale.
Newark’s Community and Economic Development Dedicated Trust Fund would receive 90 percent of the sale proceeds while the remaining 10 percent would go to the Affordable Housing Trust Fund.
The tracts have an assessed value of $362,900, according to the proposed resolution. Part of the site has long sat vacant, while another portion previously contained a commercial building that has since fallen into disrepair.
The draft legislation indicates that Tritop Realty, LLC, which is using the same address in Hackensack as the Ofeck & Heinze, LLP law firm, is planning a mixed-use project with ground floor commercial space and 67 residential units.
This proposed resolution was initially scheduled to be up for approval on October 21, but the Newark Legislative Research Center lists its status as “held in council.”