Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of a new five-story mixed-use building consisting of thirteen (13) market-rate multifamily residential units and commercial space located on the ground floor
Entity Name: GT Community Development, LP
Entity Address: 2 Center Street, Suite 2104, Newark, New Jersey, 07102
Sale Amount: $102,000.00
Cost Basis: (X) $24.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $18,200.00
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)
607-609 Clinton Avenue / Block 3004 / Lot 28 / South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,250 X $24.00 = $102,000.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned property
body
WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE SQ. FEET
607-609 Clinton Avenue
3004
28
50X85 4,250
Total Square Footage: 4,250
Purchase Price: $102,000.00 ($24.00 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, pursua...
Click here for full text