Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To convey City-owned property to facilitate development of affordable housing.
Entity Name: Kawaida Towers, L.P.
Entity Address: 909 Third Avenue, 21st Floor, New York, New York 10022
Sale Amount: $23,847.68
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( X ) Other: Appraised amount
Assessed Amount: $2,276,400.00
Appraised Amount: $1,180,000.00
Contract Period: Construction to commence within six (6) months of obtaining governmental approval and be completed within eighteen (18) months of commencement.
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)
17-21 Halsey Street/Block 20/Lot 1/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5961.92 X $4.00 = $23,847.68
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 property located in the Central Ward of the City of Newark:
ADDRESS BLOCK LOT SIZE SQ. FEET
17-21 Halsey Street 20 |99|60.10x99.2 5961.92
Purchase Price: $23,847.68 ($4.00 per sq. feet); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") is no longer needed for public use and that redevelopment of the Property will contribute to the social and economic improvement of the Central Ward in accordance with the intent, goals and objectives of the City's st...
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