Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop new multi-family residential units.
Entity Name: 225 Fourth Street, LLC
Entity Address: Point Pleasant, New Jersey 08742
Sale Amount: $134,400.00
Cost Basis: (X)$12.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $134,400.00
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)
225 4th Street/Block 1914/Lot 15/Central Ward
223 4th Street/Block 1914/Lot 14/Central Ward
217 4th Street/Block 1914/Lot 11/Central Ward
219-221 4th Street/Block 1914/Lot 12/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 11,200 X $12.00 = $134,400.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Deferred 7R2-g 040523
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 Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
225 4th Street
1914
15
25X100 2,500
223 4th Street
1914
14
24.6X100 2,460
217 4th Street
1914
11
25X100 2,500
219-221 4th Street
1914
12
37.4X100 3,740
Total Square Footage: 11,200
Purchase Price: $134,400.0...
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