Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a 3 ½ story residential building, all units designated to households earning 60%-80% AMI. Entity Name: Pichardo Development LLC Entity Address: 587 North 8th Street, Newark, New Jersey 07107 Sale Amount: $73,625.30 Cost Basis: (X) $17.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $66,900.00 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) 62-64 Lincoln Avenue/Block 620/Lot 66/North Ward 66 Lincoln Avenue/Block 620/Lot 68/North Ward Additional Information: Sale Price: Total Square Footage X PSF = 4,330.9X $17.00 = $73,625.30. 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-a 031826

Resolution Adopted Introduced September 19, 2025

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