Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a three-family home, with units rented to households earning 60%–100% of Area Median Income (AMI).
Entity Name: Astor Street Apartments LLC
Entity Address: 29-31 Astor Street Newark, New Jersey, 07114
Sale Amount: $66,300.00
Cost Basis: (X) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $49,300.00
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)
29-31 Astor Street/Block 2811/Lot 12/ East Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,420 X $15.00 = $66,300.00
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 purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the East Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE SQ. FEET
29-31 Astor Street
2811
12
52X85 4,420
Total Square Footage: 4,420
Purchase Price: $66,300.00 ($15.00 per sf.); 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; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City is proceeding with the rehabilitation of the area and is conveying...
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