Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New Construction of a 3-story mixed use building with an office space and 2 affordable apartments and parking
Entity Name: Naventi Investments LLC
Entity Address: 237 Shephard Avenue, Newark, New Jersey 07112
Sale Amount: $55,944.00
Cost Basis: ( X ) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $49,500.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) 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)
522 South 11th Street/ Block 308/Lot 54/ Central Ward
524 South 11th Street/ Block 308/Lot 53/ Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,662 X $12.00 = $55,944.00.
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 purpose of this Resolution is 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
522 South 11th Street
308
54
18X129 2,322
524 South 11th Street
308
53
18X130 2,340
Total Square Footage: 4,662
Purchase Price: $55,944.00 ($12.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owne...
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