1st Reading - Jersey City

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, ,Portion of PJP Landfill Site, Jersey CitY New Jersey, Comparable Land Sale 5Address:Municipality: 'County:909 Delancy StreetNewark, New JerseyEssexBlock/Lot: 5074/5,9 & 9.0iLand Area:,2,377,505 sf; 54.580 acresZoning:Utilties:Grantor:Grantee:All Municipal AvailableMotiva Enterprises, LLCDoremus Newark, LLCSale Price: $18,720,000Sale Date:Topography:Deed Book/Page:05-25-05Generally Level6194/186Potential Building Area: 750,000 sf (buyer~s estimate) -Potential FAR: 31.55%Price Per Unit:$J42,983/acre$24.96/sf of potential building areaRemarks:The property was sold without site plan approvals- although the buyer anticipatesapproximtelya 750,000 sf warehouse could be developed on the site. The sellerwas responsible for remediation of the site. The site has approximately860 feet offrontage along the Newark Bay. A pürtion of the site (roughly 8 acresaccording tobuyer, approx. 15 acres acconling to DEP) is encumbered by wetlands.Comp ID#: 39084VALUE RESEARCH GROUP, LLC 26
Portion of PJPLandlil1 Site, Jersey City New JerseyExplanationof AdjustmentsElements of ComparisonElements of comparison are the characteristics ,of properties and transactions that,cause prices paid for real estate to vary.5 All reåsonable differences between thecomparable'sales and the subject property are. identified and analyzed. Market datais examined to determine which elements affect the market value of a property.Adjustments for differences that impact value are in order. Adjustments can bemade to the total sales price, the common unit price,or both. The amount of'adjustment depends on the'degree ofdifference between the subject andcomparable properties. Special care must betaken to ènsure adjustments areapplied consistently and noadjustment should be made more than once.. 'Elements of comparison common in land valuation include property rights, legalencumbrances, financing terms, conditions of sale (motivation), market conditions(sale date), location, physical characteristics, available utilities, zoning, and highestand best use, The most variable elements ,of comparison for warehouse locationsare the physical characteristics of the site, which inçlude size and shape, frontage,topography, and ,location.The most common units of comparison for land tracts are price per acre, price persquare fqot oflandarea, and piice per squarefootof potential building. After,, r,eviewing thécomparable sales data and discussing the appropriate unit of 'comparison with several localreal estate brokers, 1 concluded that the most.' . . .reliable way of comparing thesubject site to comparable sites is on a price pet acre, ,,basis, Thisis supported by the comparable sales that reflect a narrow price per acre, ,range.'i have considered adju~ting each of the comparáble landsales for property rights'conveyed, conditions of salè, financing" market conditions, location, site approvalsat the time of sale, and physical characteristics (size, shape, etc.), andzoning.Where the subject is superior to the comparable an upward (+) adjustment to thecomparable sale is made. If thesubject is inferior to the comparable sale, thecomparable sale is adjusted downward (-). The adjustments to the comparable salesare explained in the following paragraphs. ', ,Pfhe AI1praisal of Real Estate, ,12th Edition. Chicago, Ilinois: Appraisal Institure, 2001.VALUE REEARCH GROUP, LLC 27
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Cit Clerk File No.Ordi 11-001Agenda
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City Clerk File No.. Agenda No.Agen
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. .Continuation of City Ordinance11
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COntinuatlònof City Ordinance 11-0
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Continuation of City Ordinance ll-U
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Continuation of City Ordinance11-.0
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LIBERTY HARBOR REDEVELOPMENT PLANMA
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. VIII. MAS .................;.....
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I. ,BOUNDARY DESCRIPTION, BEGINING
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C. ' Duration and Effective Date of
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This redevelopment plan authorizes
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y providing the pedestran environme
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or mechanical floor area adjacent t
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project sne. -V. ,Parking and servi
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, 'The Planing Board may grant devi
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C. Restriction of Occupancy or UseT
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1. Maximum height: heightshall be r
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. Buildings shall be constrcted on
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porton of the façade of the parkin
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econstrcted, non-conforrity with th
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MAPSc,, , ,, 25
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"CIRCULATION MAP.b~BiJt BO.UNOARY -
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-Residential, Mixed-UseDistrict Bou
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o~~. r--------------------'~ I r r
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~ __Ø)'June 2010MAP NO.9/ '
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o~"~zu~-LEGENDi- ~'.--------,.....,
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1-- -_~- -- ~- ~- --- ~~- ---'\LEGE
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Cit Clerk File No.Agenda No.Agenda
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ORDINANCE FACT SHEETDate Submitted
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TABLE OF CONTENTSAmendments to the
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The following Map Footnotes shall b
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11.-- DESCRIPTION OF PROJECTA. Rede
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golf courses, driving ranges, water
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· In no instance, no matter what t
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d. Modem, decorative, pedestrian fr
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StudioI Bedroom2 Bedroom & above0.5
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various plant species to be usedber
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d. Entrances and exits to parking a
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Additionally, the logo and/or hotel
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c. Golf Clubhoused. Professional an
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In addition, all areas of the roof
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11. Additional Step-back Requiremen
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, structures in poor condition and
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./,LIBERTY HARBOR REDEVELOPMENT ARE
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CIRCULATION MAPLEGEND'---- BO.UNOAR
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LEGEND_...-Libert HarborRedevelopme
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Page 160 and 161: Continuation of City Ordinance11-00
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Page 166 and 167: Cit Clerk File No. Ord. 11-0093. IA
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1st Reading - Jersey City

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