Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To build a fifteen (15) unit, multi-family building for off-campus student housing by adding the above-mentioned property to the adjacent properties at 8 and 10 Summit Street (Block 2828, Lots 61 and 57).
Entity Name: Mission Realestate Projects, LLC
Entity Address: 211 Warren Street, Newark, New Jersey 07103
Sale Amount: $10,459.40
Cost Basis: (X) $7.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $32,200.00
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)
110 James Street/Block 2828/Lot 1/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 1,494.20 X $7.00 = $10,459.40
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-c 102120
Deferred 7R2-b 110520
Deferred 7R2-b 111820
Deferred 7R2-b 120220
Deferred 7R2-b 122220
Deferred 7R2-a 010621
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WHEREAS, the Department of Economic and Housing Development desires 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
SIZE
SQ. FEET
110 James Street
2828|1010|24.10X62
1,494.20
Purchase Price: $10,459.40 ($7.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-own...
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