Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To expand museum facilities by developing residential units, including affordable residential units, and retail space for local Newark residents.
Entity Name: The Newark Museum Association
Entity Address: 49 Washington Street, Newark, New Jersey 07102
Sale Amount: $125,410.00
Cost Basis: (X) $4.00 and $1.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $ 3,974,500.00
Appraised Amount: Not Applicable
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)
47-55 Washington Street/Block 34/ Lot(s) 9, 10, 11, 12, 30, 35/Central Ward
65 Central Avenue/Block 35/Lot 29/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 30,352 X $4.00 + $1.00 = $125,410.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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 Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
47-55 Washington Street
34
9,10,11,12,30,35
110.6X247 27,318.2
65 Central Avenue
35
29
23.4X77.4 1,811.16
Purchase Price: $125,410.00 $4.00 and $1.00 per s.ft.); and
WHEREAS, the City of Newark (...
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