Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide development of a five-story mid-rise multi-family building with (64) units, (13) affordable housing units, amenities, and community building. Entity Name: Supreme Home Developers, LLC Entity Address: 1115 Inman Avenue, Suite 179, Edison, New Jersey 08820 Sale Amount: $222,876.39 Cost Basis: (X) $11.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $220,400.00 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) 575 South 10th Street/Block 313/Lot 56/Central Ward 594 South 11th Street/Block 313/Lot 21/Central Ward 592 South 11th Street/Block 313/Lot 22/Central Ward 590 South 11th Street/Block 313/Lot 23/Central Ward 588 South 11th Street/Block 313/Lot 24/Central Ward 586 South 11th Street/Block 313/Lot 25/Central Ward 596-610 South 11th Street/Block 313/Lot 13/Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 20,261.49 X $11.00 = $222,876.39. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.

What this record is

Held by

Supreme Home Developers, LLC 2 records across this site

Amount

$223K

Runs until

Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗

Type

amendment

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Supreme Home Developers, LLC also holds

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose:… $220K Newark, NJ

Committee

Economic and Housing Development

Introduced

May 29, 2024

On agenda

July 10, 2024

Passed

July 10, 2024

Where it was heard

Municipal Council Jul 10, 2024 Adopt Pass

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