Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the existing structures to create affordable rental or For-Sale housing.
Entity Name: Quad T Holdings, LLC
Entity Address: 54 Carnegie Avenue, East Orange, New Jersey 07018
Sale Amount: $103,765.00
Cost Basis: (X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $502,600.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) 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)
725-727 South 10th Street/Block 2630/Lot 58/South Ward
729 South 10th Street/Block 2630/Lot 27/South Ward
921 South 17th Street/Block 3013/Lot 43/South Ward
Additional Information:
Total Price: Square Footage X PSF = 10,376.50 X $10.00 = $103,765.00
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 Department of Economic and Housing Development seeks to approve the sale and rehabilitation of the following City-owned properties located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
725-727 South 10th Street
2630
58
32.8X115
3,772.
729 South 10th Street
2630
27
32.3X115
3,714.5
921 South 17th Street
3013
43
28.9X100
2,890.
Total Square Footage: 10,376.5
Total Purchase Price: $103,765.00 ($10.00 per sq. ft.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") are no l...
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