Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct a mixed-use development consisting of ground floor commercial space and sixty-seven (67) units.
Entity Name: Tritop Realty, LLC
Entity Address: 85 Main Street, Suite 204, Hackensack, New Jersey 07601
Sale Amount: $140,400.00
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $362,900.00
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)
16 North 6th Street/Block 1852/Lot 13/West Ward
437-443 West Market Street/Block 1852/Lot 16/West Ward
451-459 West Market Street/Block1852/Lot 24/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 17,550 X $8.00 = $140,400.00
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-f 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 the West Ward of the City of Newark:
ADDRESS BLOCK LOT SIZE SQ. FEET
16 North 6th Street 1852 13 25X58 1,450
437-443 West Market Street 1852 16 100X60 6,000
451-459 West Market Street 1852 24 10,100
Purchase Price: $140,400.00 ($8.00 per sf.); and
WHEREAS, the City of ...
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