Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate industrial property utilized for light manufacturing.
Entity Name: Margate 1270 McCarter Highway, LLC
Entity Address: 250 Passaic Street, Newark, New Jersey 07104
Sale Amount: $875,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $1,059,900.00
Appraised Amount: $875,000.00
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)
281-289 Passaic Street/Block 436/Lot 13/Central Ward
1266-1270 McCarter Highway/Block 436/Lot 18 and 20/Central Ward
1272 McCarter Highway/Block 436/Lot 21/Central Ward
1274 McCarter Highway/Block 436/Lot 22/Central Ward
Additional Information:
Sale Price: Negotiated Price = $875,000.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Deferred 7R2-a 060524
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
281-289 Passaic Street
436
13
118 X 100 11,800
1266-1270 McCarter Highway
436
18, 20
84.3X 100 8,430
1272 McCarter Highway
436
21
25 X 100 2,500
1274 McCarter Highway
436
22
25 X 100 2,500
Total S...
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