Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop a modern eleven (11) story building consisting of approximately 300 apartments with ground floor retail parking and roof top amenities at 178 Orange Street and 72-76 Boyden Street, and to build a new construction of a two-family home at 401 New Street.
Entity Name: NY Construction Services, LLC
Entity Address: 28 Central Avenue, Newark, New Jersey 07102
Sale Amount: $36,357.84
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $319,100.00
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)
401 New Street/Block 1839/Lot 28/Central Ward
178 Orange Street/Block 2858/Lot 1/Central Ward
72-76 Boyden Street/Block 2858/Lot 45/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 6,059.64 X $6.00 = $36,357.84.
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 Development seeks to approve the sale and redevelopment of the following City-owned Properties located in the Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
401 New Street
1839
28
25X85 2,125.00
178 Orange Street
72-76 Boyden Street
2858
2858
1
45
23.92X67 1,602.64
80X29...
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