Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Demolish existing structure and adjoin to existing developer owned properties to create a new multi-unit building with on-site parking
Entity Name: Nichols Street Apartments, LLC
Entity Address: 625 Leesville Avenue, Rahway, New Jersey 07065
Sale Amount: $22,475.00
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $178,300.00
Appraised Amount: $0.00
Contract Period: To be commenced within three (3) months and be completed within twelve (12) months following transfer of property ownership by the City
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)
103 Nichols Street/Block 959/Lot 45/East Ward
Additional Information:
Sale Price: Total Square Footage x PSF = 2,247.5 X $10.00 = $22,475.00.
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 (EHD) seeks approval of the sale and redevelopment of the following City-owned property located in the East Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE
SQ. FEET
103 Nichols Street
959
45
25X89.9
2,247.5
Purchase Price: $22,475.00 ($10.00 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 of Newark is proceeding with the rehabilitation...
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