Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the property at 35-37 Highland Avenue for rental housing and merge the property at 37 3rd Street with owner's adjacent lot to build a multi-family home for rent.
Entity Name: 131-133 Highland Avenue, LLC
Entity Address: 238 South 11th Street, Newark, New Jersey 07107
Sale Amount: $35,186.08
Cost Basis: (X) $8.00/$6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $221,600.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) months following transfer of property ownership by the City
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)
35-37 Highland Avenue/Block 507/Lot 54/North Ward
37 3rd Street/Block 1878/Lot 27/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = (3200 X $8.00 = $25,600) + (1597.68 X $6.00 = $9,588.08) = $35,186.08.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned properties located in the North Ward and Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
35-37 Highland Avenue
507
54
40X80
3,200
37 3rd Street
1878
27
16.8X95.1
1,597.68
Purchase Price: $35,186.08 ($8.00/$6.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned Properties (the "Proper...
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