Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide for new construction of two (2) three-family homes and one (1) mixed-use building containing commercial space and two (2) residential units.
Entity Name: CDN Development, LLC
Entity Address: 290 Ferry Street, Newark, New Jersey 07105
Sale Amount: $102,037.21
Cost Basis: (X) $11.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $230,400.00
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 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)
216 Hawthorne Avenue/Block 3590/Lot 29/South Ward
218 Hawthorne Avenue/Block 3590/Lot 28/South Ward
220 Hawthorne Avenue/Block 3590/Lot 27/South Ward
526-530 Springfield Avenue/Block 314/Lot 9/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 9,276.11 X $11.00 = $102,037.21.
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 Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned Property located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
216 Hawthorne Avenue
3590
29
25X96.7 2,417.5
218 Hawthorne Avenue
3590
28
25X98.11 2,452.75
220 Haw...
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