Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop properties into multi-family properties which includes two-family and three-family homes.
Entity Name: Cornerstone Capital Investment Newark, LLC
Entity Address: Fort Lee, New Jersey 07204
Sale Amount: $56,835.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $142,800.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed with twenty-four (24) months following transfer of the properties 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)
715 S 17th Street/Block 365/Lot 10/South Ward
22 Pierce Street/Block 2620/Lots 25/South Ward
24 Pierce Street/Block 2620/Lot 26/South Ward
26 Pierce Street/Block 2620/Lot 27/South Ward
Additional Information:
Sale Price: Total Square Footage PSF = 9,472.5 X $6.00 = $56,835.00.
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-d 120722
body
WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned properties located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
715 S 17TH Street
365
10
25X100 2,500
22 Pierce Street
2620
25
25x79 1,975
24 Pierce Street
2620
26
25x94.9 2,372.5
26 Pierce Street
2620
27
25x105 2,6...
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