Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide new construction of a five (5) story multi-family residential apartment building, including residential parking and a fitness center.
Entity Name: Yes Newark 616, LLC
Entity Address: Newark, New Jersey 07102
Sale Amount: $41,760.00
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $61,000.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
614 Dr. Martin Luther King Blvd/Block 103/Lot 54/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,220 X $8.00 = $41,760.00.
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-c 052423
Deferred 7R2-a 060723
Deferred 7R2-a 071923
body
WHEREAS, the Department of Economic and Housing Development seeks 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
614 Dr. Martin Luther King Blvd
103
54
26.10X200 5,220
Total Square Footage: 5,220
Purchase Price: $41,760.00 ($8.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned Property (the "Property"...
Click here for full text