One of the northeasternmost properties in Newark will soon be under new ownership.
City legislative filings show that a resolution calling for the municipal government to sell 2104-2118 McCarter Highway in the North Ward was adopted in March. Located near Route 21, the Second River, the former Boonton Line tracks, and Belleville, the tract used to be the site of an industrial operation. Once known as the Maas & Waldstein property, the premises have contained an abandoned building with a smokestack over the years.
The new owner, Sherman Avenue Development, LLC, is expected to acquire the lot through a private sale for the negotiated price of $425,000, according to the Legislative Research Center. Although the property has an assessed value of more than $1.63 million and an appraised value of $1.5 million, a $575,000 “remediation credit” and a $100,000 “improvement credit” are reportedly being provided.
Unlike other properties in Newark that are sold by the municipal government in order to make way for residential uses, the resolution states that Sherman Avenue Development, LLC “owns and operates a cement production business at 2081 McCarter Highway.” After an environmental remediation and demolition process, the company is planning to use 2104-2118 McCarter Highway “to redevelop/construct a vehicle storage facility, repair center, and structure to accommodate the mixing and storage of concrete on site.”