25-0064
Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New Construction of a 3-story mixed use building with an office space and 2 affordable apartments and parking Entity Name: Naventi Investments LLC Entity Address: 237 Shephard Avenue, Newark, New Jersey 07112 Sale Amount: $55,944.00 Cost Basis: ( X ) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $49,500.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within eighteen (18) 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) 522 South 11th Street/ Block 308/Lot 54/ Central Ward 524 South 11th Street/ Block 308/Lot 53/ Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 4,662 X $12.00 = $55,944.00. 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
- Naventi Investments LLC
- Amount
- $56K
- Runs until
- Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗
- Type
- amendment
- Field
- Construction
construction contracts in NJ that end within a year →
Governments publish the end date in the award. That date is when the
work goes back out to bid, and it is usually stated years ahead.
Read automatically from the title of the official record. The source document below is authoritative.
- Committee
- Economic and Housing Development
- Introduced
- January 10, 2025
- On agenda
- April 2, 2025
- Passed
- April 2, 2025
Where it was heard
Municipal CouncilWatch what Newark buys
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