Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide for new construction of a mixed-use building with retail/office on the 1st floor and three (3) residential units to sell for market rate.
Entity Name: 109 North 7th Street, LLC
Entity Address: 606 Ocean Road, Suite E, Point Pleasant, New Jersey 08742
Sale Amount: $19,760.00
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $21,300.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of property ownership from the City to the Redeveloper
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
(X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
109 North 7th Street/Block 1888.01/Lot 67/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,470 X $8.00 = $19,760.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
body
WHEREAS, the Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned Property located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
109 North 7th Street
1888.01
67
24.7X100 2,470
Total Square Footage: 2,470
Purchase Price: $19,760.00 ($8.00 per s.f.) and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned Property (the "Property") is no longer needed for public use; ...
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