Updated Dec 18, 2025
David Freund Purchases Development Site From Monica Chomsky In Newark For $700,000
297 Sixteenth Ave & 547 South 18th Street
$700,000
$49/SF
Building Size
7,223 SF
Asset Type
Development Site
Closing
Dec 15, 2025
About this deal
AI
The development site located at 297–303 16th Ave & 547–549 S. 18th St in Newark has been sold for $700,000. The property encompasses a total of 7,223 square feet, resulting in a price per square foot of $96.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $700,000
- Address: 297–303 16th Ave & 547–549 S. 18th St
- Market: Newark
- Square Footage: 7,223
- Price per Square Foot: $96
- Buyer: David Freund
- Seller: Monica Chomsky
- Brokers: Patrick Varelas & Thomas Russo - Re/Max
David Freund has acquired the property from seller Monica Chomsky, with the transaction facilitated by brokers Patrick Varelas and Thomas Russo from Re/Max, who represented the deal.
On the Map
$700,000
$49/SF
Development Site
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Players
Newark Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
22.66%
Cash-on-Cash
-6.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93