https://newark.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=8157725&GUID=FB6DE945-557C-466F-90C6-5531E9824203Legistar15https://newark.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=8157725&GUID=FB6DE945-557C-466F-90C6-5531E9824203FB6DE945-557C-466F-90C6-5531E9824203-2026-07-31-16-33-34Title: Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a four-story building, consisting of 13 residential units of which one unit will be rented at an affordable rate below 80% AMI. Entity Name: IBN Construction Corporation Entity Address: 49 Hermon Street, Newark, New Jersey 07105 Sale Amount: $102,603.00 Cost Basis: (X) $23.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $88,400.00 Appraised Amount: n/a 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) 48-52 Pennsylvania Avenue/Block 2821/Lot 8/East Ward Additional Information: Sale PFri, 31 Jul 2026 16:33:34 GMT