Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a four-story building, consisting of 13 residential units of which one unit will be rented at an affordable rate below 80% AMI. Entity Name: IBN Construction Corporation Entity Address: 49 Hermon Street, Newark, New Jersey 07105 Sale Amount: $102,603.00 Cost Basis: (X) $23.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $88,400.00 Appraised Amount: n/a 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) 48-52 Pennsylvania Avenue/Block 2821/Lot 8/East Ward Additional Information: Sale Price: Total Square Footage X PSF = 4,461 X $23.00 = $102,603.00. 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-j 080526 Deferred 7R2-f 090926 Deferred 7R2-c 092326

What this record is

Held by

IBN Construction Corporation

Amount

$103K

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

May 28, 2026

On agenda

August 5, 2026

Where it was heard

Municipal Council Oct 7, 2026 Returned to Administration Pass Municipal Council Sep 23, 2026 Defer Pass Municipal Council Sep 9, 2026 Defer Pass Municipal Council Aug 5, 2026 Defer Pass

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