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New Residential Property Just Steps from Nation’s Largest Cherry Blossom Collection
Cherry Park Apartments offer nearly 100 affordable and reasonably priced units in Newark’s North Ward
December 15, 2016 – Newark, N.J. – Today, Mayor Ras J. Baraka, Deputy Mayor and director of Newark’s Department of Economic & Housing Development Baye Adofo-Wilson and other City officials welcomed Cherry Park Apartments to the Newark community with an official, ribbon-cutting ceremony. The $11.2 million development brings one, two and three-bedroom apartments to 170 and 150 Sylvan Avenue in the City’s North Ward. These 15 affordable and 81 market-rent units start at $784 for a one-bedroom, $1,170 for a two-bedroom, and $1,425 for a three-bedroom apartment. Heat and hot water are included in the rent.
Located just steps from Branch Brook Park – home to the country’s largest collection of cherry blossom trees totaling 4,300 with 14 different varieties, the residence replaces a former eyesore at 170 Sylvan Avenue with two, cherry blossom-colored, three-story buildings. Each building offers spacious units with onsite laundry facilities and exercise rooms, new stainless-steel appliances and secure parking.
“This project is truly a community affair. Newark residents and business owners have been involved at every level including the developers and the apartment building property managers.” said Mayor Ras J. Baraka. In addition, the Cherry Park tenants and employees get the added bonus of being located steps from historic Branch Brook Park – one of the nation’s greatest landscape and recreation gems. We aim to create revitalization projects that respect and show appreciation for our great City and its people. And this one hits the mark.”
Financial support for the development included $800,000 in HOME Program loans, a 30-year tax abatement from the City of Newark, and private funding from the developer Cherry Park Urban Renewal LLC. The Calello Agency, run by Newarkers and founded in the City in 1970, manages the property. Calello staff members working on site at Cherry Park are all bilingual and knowledgeable about the North Ward – all designed to provide tenants with excellent customer service.
“There are almost 2,000 residential units currently under construction and another 2,000 approved for development in the City,” said Deputy Mayor Baye Adofo-Wilson. “Today’s ribbon-cutting at Cherry Park furthers our commitment to successful public/private partnerships. Developers like the Newark-based Calello Agency are committed to rebuilding our city and making sure that it is affordable and accessible to all Newarkers. We are proud to cut the ribbon and welcome the Cherry Park Apartments to the neighborhood.”
“When Elliot Street School burned down over seven years ago, this neighborhood took a terrible hit,” said PJ Calello, president of Calello Agency. “Between the new school that opened in January and Cherry Park Apartments, there has been a large, positive impact on the neighborhood. As a business that was founded in Newark 46 years ago, we have always had a strong commitment to the City. It is rewarding for us to show outsiders who think Newark is all crime and chaos, that Newark is a large, diverse city, conveniently located to airports, businesses, restaurants, entertainment centers and health facilities with much to offer.”
Residents began moving into 170 Sylvan Avenue in July 2016, and into 150 Sylvan Avenue in September 2016. Market-rate units are at 100% capacity, but a few affordable units remain. Prospective residents who may qualify for the remaining subsidized units can apply online at www.cherryparkapartments.com, or call 973-481-3400 for more information.
– NEWARK –