Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Demolish the existing structure and combine the parcel with the adjacent property to develop a five-story, approximately thirty-five (35) unit mixed use apartment building with parking and ground level commercial space
Entity Name: Stadium Rose Apartments LLC
Entity Address: 421 Bloomfield Avenue, Newark, New Jersey 07107
Sale Amount: $201,000.00
Cost Basis: ( X ) $26.80 PSF ( X ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $204,900.00
Appraised Amount: $310,000.00
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)
484-488 Roseville Avenue/Block 1966/Lot 14/North Ward
Additional Information:
Total Square Footage = 7,500 X $26.80 = $201,000.00
Appraised Value: $310,000.00
Demolition Credit: $109,000.00
Negotiated Purchase Price: $201,000.00
body
WHEREAS, the Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned Property located in the North Ward of the City of Newark:
ADDRESS BLOCK LOT(S) SIZE SQ. FEET
484-488 Roseville Avenue 1966 14 75X100 7,500.
Total Square Footage: 7,500.00
Appraised Value: $310,000.00
Demolition Credit: $109,000.00
Negotiated Purchase Price: $201,000.00 ($26.80 per sf.); and
WHEREAS, the City of Newark has determined that the above referenced City-owned Property (the "Property") is no longer needed for public use; and
WHEREAS, pursuant ...
Click here for full text