Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To redevelop the properties into four (4) three-family and one (1) two-family residential homes.
Entity Name: Apex Group Financial, LLC
Entity Address: 744 Broad Street, 12th Floor, Newark, New Jersey 07102
Sale Amount: $158,808.00
Cost Basis: (X) $6.00-$10.00 PSF ( ) Negotiated ( ) N/A ( ) Other
Assessed Amount: $372,600.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months from the transfer of 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
(Address/Block/Lot/Ward)
320 S 7th Street/Block 279/Lot 34/Central Ward
9-11 Peat Street/Block 288/Lot 45-02/Central Ward
13-15 Peat Street/Block 288/Lot 45-01/Central Ward
573 S 11th Street/Block 312/Lot 30-03/Central Ward
575 S 11th Street/Block 312/Lot 30-02/Central Ward
Additional Information:
(Address/Block/Lot/Square Feet/Vacant Land (Yes/No))
320 S 7th Street/279/34/2,500/No
9-11 Peat Street/288/45-02/4,499/Yes
13-15 Peat Street/288/45-01/4,611/No
573 S 11th Street/312/30-03/3,977/No
575 S 11th Street/312/30-02/3,489/Yes
Total Sale Price: Square Feet x PSF
Properties with Structures = 11,088 square feet X $10.00 = $110,880.00
Vacant Land = 7,988 square feet X $6.00 = $47,928.00
Total Purchase Price: $158,808.00
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-i (s) 082019
Deferred 7R2-a 090519
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WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned properties located in the Central Ward...
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