Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct an apartment building with twenty-one (21) residential units and two (2) commercial units.
Entity Name: PGH & Associates, LLC
Entity Address: 315 Keer Avenue, Newark, New Jersey 07112
Sale Amount: $47,250.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $165,000.00
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)
768 Bergen Street/Block 2707/Lot32/South Ward
770 Bergen Street/Block 2707/Lot 31/South Ward
772 Bergen Street/Block 2707/Lot 30/South Ward
Additional Information:
Sale Price: Total Square Footage x PSF = 7875.0 X $6.00 = $47,250.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Failed 7R2-h 102120
body
WHEREAS, the Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned properties located in South Ward of the City of Newark:
ADDRESS BLOCK LOT SIZE SQ. FEET
768 Bergen Street 2707 32 25X105 2,625.0
770 Bergen Street 2707 31 25X105 2,625.0
772 Bergen Street 2707 30 25X105 2,625.0
Purchase Price: $47,250.00 ($6.00 per sf.); and
WHEREAS, the City of Newark (the "City") has det...
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