Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To create a modern luxury apartment complex for rental purposes.
Entity Name: 394 and 396-400 Broad Street, LLC
Entity Address: 620-624 Orange Street, Newark, New Jersey 07107
Sale Amount: $83,382.39
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $216,200.00
Appraised Amount: $0.00
Contract Period: To be commenced within three (3) months and be completed within twenty-four (24) months following transfer of property ownership by the City
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)
394 Broad Street/Block 29/Lot 5/Central Ward
396-400 Broad Street/Block 29/Lot 2/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 8,338.239 X $10.00 = $83,382.39.
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-c100621
Deferred 7R2-a 102021
Deferred 7R2-a 110421
Deferred 7R2-a 111521
Deferred 7R2-a 120121
body
WHEREAS, the purpose of this Resolution 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
394 Broad Street
29
5
27.7X81.9 2,268.63
396-400 Broad Street
29
2
74.11X81.9 6,069.609
Purchase Price: $83,382.39 ($10.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") a...
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