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 sixty-eight (68) unit apartment building with 20% of units providing affordable housing at 60% AMI.
Entity Name: WMKTST, LLC
Entity Address: 300 Wilson Avenue, Newark, New Jersey 07105
Sale Amount: $133,200.00
Cost Basis: (X) $18.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $165,000.00
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)
361 West Market Street/Block 1842/Lot 21/Central Ward
363 West Market Street/Block 1842/Lot 22/Central Ward
367 West Market Street/Block 1842/Lot 24/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 7,400 X $18.00 = $133,200.00.
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 purpose of this Resolution is 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
361 West Market Street
1842
21
25X100 2,500
363 West Market Street
1842
22
25X100 2,500
367 West Market Street
1842
24
25X96 2,400
Total Square Footage: 7,400
Purchase Price: $133,200.00 ($18.00 per s.f.)...
Click here for full text