Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: An Agreement to Subordinate the City of Newark's Reverter Rights by entering into a First Amendment to Agreement for Sale and Redevelopment of Land and a Subordination Agreement in order to permit the Redeveloper to obtain construction financing, necessary for the rehabilitation of the Property into three residential units
Entity Name: 229 South 11th LLC
Entity Address: 59 Lincoln Park, Suite 375, Newark, New Jersey 07102
Sale Amount: $32,760.00
Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $0.00
Contract Period: Not Applicable
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
229 South 11th Street/Block 1815/Lot11
(Address/Block/Lot/Ward)
Additional Information:
Resolution 7R2-k adopted on December 20, 2023, designating 229 South 11th LLC as the Redeveloper and authorized an Agreement for the Sale and Redevelopment of Land
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WHEREAS, pursuant to Resolution 7R2-k adopted on December 20, 2023, the Newark Municipal Council ("Municipal Council") authorized the Mayor and the Deputy Mayor/Director of the Department of Economic and Housing Development to enter into and execute an Agreement for the Sale and Redevelopment of Land (the "Agreement") with 229 South 11th LLC, 59 Lincoln Park, Suite 375, Newark, New Jersey 07102 ("Redeveloper") for the sale of City owned real property located at and identified on the official tax map of the City of Newark ("City") as Block 1815, Lot 11, and commonly known as 229 South 11th Street, Newark, New Jersey ("Property"), for a purchase price of Thirty-Two Thousand Seven Hundred Sixty Dollars and Ze...
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