121-125 Newark Avenue
When the city
purchased 121-125 Newark Avenue, it appears that Council-President DeGise
developed a mental disease called, "I don't know." DeGise who is a
teacher at the local school district and holds a license to sell real estate was
not concerned that Jersey City purchased this property without "paper work
attached". The total history of this building was never revealed at the council
meeting.
It is common knowledge that this property belong a former Congressman who still owns property in Jersey City especially along Newark Avenue. However, the city brought this property from Summit Bank on June 7, 1994 for $1.7 million.
In 1994, Jersey City had many properties in its possession. The bulk lien sale was not that successful. The city pulled many properties from the lien sale and incorporated them into the redevelopment plan for King Drive, so why was it necessary to purchase a building in poor shape at top dollar? The city could have removed any property it wanted without paying a dime!
Before the city brought 121-125 Newark Avenue, it was appraised by John O. Lasser Associates on December 31, 1993 at top dollar. Nevertheless the building was in poor shape, resulting in below market market rents.
Rent:
Year one through three: $12.00 per square feet
Years four through six: $13.00 per square feet.
Now the city was obligated to maintain the building and engage in a capital improvement projects.