Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide new construction of an affordable fifty (50) unit apartment building with a parking lot.
Entity Name: Pinnacle Realty Investments, LLC
Entity Address: North Caldwell, New Jersey 07006
Sale Amount: $23,300.80
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $33,000.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty four (24) 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)
27 Clark Street/Block 448/Lot 1/North Ward
31 Clark Street/Block 448/Lot 3/North Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,912.6 X $8.00 = $23,300.80.
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 purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
27 Clark Street
448
1
20.6X71 1,462.6
31 Clark Street
448
3
20X72.5 1,450
Total Square Footage: 2,912.6
Purchase Price: $23,300.80 ($8.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Property") are no long...
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