BOE approves amendments to Newmark Realty contract, removes sale option

The Northport-East Northport Board of Education (BOE) approved at Thursday’s meeting amendments to the contract between the district and brokerage firm Newmark Realty. The revised contract was signed by Newmark on January 24 and removes services for the sale of any district building, keeping only lease procurement on the table. 

Newmark was hired in November 2022 to represent the Northport-East Northport school district in the potential sale or lease of three school buildings: Dickinson Avenue Elementary School, Bellerose Avenue Elementary School and the William J. Brosnan Building. After a presentation of proposals from Newmark on October 5, at which time over 200 community members showed their opposition to selling the properties, the board made the decision to first “pause” all actions related to the process, and then review and ultimately revise the district’s contract with the firm.

The amended contract removed the sale option for any of the three available buildings; the agency now only has the right to “negotiate for and to procure a lease of all or portions of the properties.” 

Newmark will still be entitled to a 7% commission on leases for the first 36 months of the lease term and 3% thereafter for the duration of the lease term. If Newmark works with an outside broker to procure a lease agreement, the two agencies will share the commission on a 50/50 basis.

Under the amended contract, Newmark will not be entitled to any commission on leases that are entered into by the school district and any federal, state, or local governments, municipal corporations, political subdivisions or “any agencies or departments thereof, including but not limited to school district, boards of cooperative educational services, or fire districts,” the amended contract reads. 

The contract between Newmark and the district expires in June 2024.

The amended contract between Newmark and the NENUFSD can be found here.