Yuval Shram, CEO of TAY Investments, leads a ribbon-cutting at The Art of Newark, a new 155-unit apartment building at 44 Irvine Turner Blvd. in the city that drew local officials including Mayor Ras Baraka and others. — Courtesy: City of Newark
By Joshua Burd
TAY Investments has opened a new 155-unit apartment building in Newark that will serve as a showcase for local artists and an infusion of housing near the Springfield Avenue corridor.
The developer and its partner, Lamont Carter, welcomed Mayor Ras Baraka and other officials this week to unveil the collection of studio, one-bedroom and two-bedroom homes at 44 Irvine Turner Blvd. On display were not only the project’s upscale finishes and amenities, but locally sourced artwork that was scattered throughout the lobby, corridors and other common spaces of a building that’s branded as The Art of Newark.
The property is also a point of pride for city leaders who note that 20 of the units are reserved as affordable housing, which will be offered exclusively to Newark residents for a 90-day period under a recent measure by the municipal council.
“The Art of Newark is a superbly appointed residential address,” Baraka said. “We are pleased that 20 of its apartments are affordable under the city’s Inclusionary Zoning Ordinance. But, what makes this day most exciting for all of us who are working to enable Newark residents to remain in our city, is that The Art of Newark is the first development that we are announcing that has, by law, a preference for Newark residents. This is a game-changer in the quest to make Newark a more affordable city.”
Amenities at the building include a high-end fitness center, a landscaped courtyard with grills, a game and media room, a lounge room and a children’s room, according to a news release. Residents also have access to on-site pet washing, an outdoor dog run, on-site parking that’s available to rent and a secure package room.
Yuval Shram, CEO of TAY Investments, added that there is space available for residents to paint, sculpt or pursue other creative or leisurely endeavors. And he noted that, ironically, the firm chose The Art of Newark as a name as simply a nod to the city’s creative scene and the nearby universities — well before it decided to open the building to local artists.
“It’s amazing how ‘The Art of Newark’ became the notion,” Shram said. “And it really came out of nothing. It wasn’t planned, but I’m so happy and proud of how it turned out.”
Highlighting local artists and their dozens of pieces were part of a ribbon-cutting on Tuesday that drew a host of project partners, community groups and cultural organizations. Those involved in the development include Anwar Alkhatib of AK Architecture, Elnardo Webster of Connell Foley LLP and Bank Hapoalim, which was represented by Charles J. Wilkes and Holly Burke of Murphy Schiller & Wilkes LLP.
Shram also said the project, which redeveloped the site of the shuttered Queen of Angels Church and School, would not be possible without the city’s cooperation and a 20-year payment in lieu of taxes agreement.
“They really are trying to contribute in whatever way they can,” he said. “And we’re very happy — Newark is up and coming, Newark is the place to be. You can see it all around downtown, the Ironbound and University Heights, and we’re happy to take part.”
City officials, meantime, noted that the 90-day window for marketing the affordable units to Newark residents stems from an August amendment to the Inclusionary Zoning Ordinance. To be considered for housing at the property, residents must complete a preliminary application by 8 p.m. on Tuesday, Jan. 30, while random selection will take place some 14 days after the deadline and prospective tenants will be notified of their placement on the waiting list five days after.
“It’s a win for the city of Newark and specifically for the Central Ward, as we continue to push Newark forward with economic development and affordable housing,” Municipal Council President LaMonica R. McIver said.
Allison Ladd, deputy mayor and director of the city’s Department of Economic and Housing Development, added: “Newark is proud that our original Inclusionary Zoning Ordinance has proven to be a national model for producing affordable housing. This amendment giving Newark residents preference in acquiring affordable housing is an expansion of Mayor Baraka’s leadership in housing innovation.”
Located just south of Springfield Avenue, The Art of Newark is close to transit lines, parks, restaurants and cafés.
“We are proud to be part of revitalizing our Central Ward and bringing new residential development to life, while highlighting the work of local artists,” said Carter, the project’s co-developer.
