Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop the properties into two (2), multi-family homes.
Entity Name: Gateway Property Development, LLC
Entity Address: Newark, New Jersey 07103
Sale Amount: $41,222.98
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $42,500.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of properties 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)
87-89 Whitney Street/Block 4003/Lot 28/West Ward
25-27 Dassing Avenue/Block 4003/Lot 29/West Ward
Additional Information:
Additional Information:
Sale Price: Total Square Footage X PSF = 6,873.83 X $6.00 = $41,242.98.
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-g 071322
body
WHEREAS, the Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned Properties located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
87-89 Whitney Street
25-27 Dassing Avenue
4003
4003
28
29
34.8X95.11 3,309.83
54X66 3,564.00
Purchase Price: $41,242.98 ($6.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned Properties (the "Properties") are no longer needed for public use; and
WHERE...
Click here for full text