File #: 20-0597    Version: 1 Name: Resolution: Private Sale/Redevelopment - Teicher Group, LLC
Type: Resolution Status: Adopted
File created: 5/13/2020 In control: Economic and Housing Development
On agenda: 2/3/2021 Final action: 2/3/2021
Title: Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Development of three (3) new two (2) and three (3) family homes. Entity Name: Teicher Group, LLC Entity Address: 15 Engle Street, Suite 104, Englewood, New Jersey 07631 Sale Amount: $63,000.00 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $193,600.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twelve (12) 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) 123 Ridgewood Avenue/Block 2692/Lot 14/South...
Sponsors: John Sharpe James, Eddie Osborne
Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Development of three (3) new two (2) and three (3) family homes.
Entity Name: Teicher Group, LLC
Entity Address: 15 Engle Street, Suite 104, Englewood, New Jersey 07631
Sale Amount: $63,000.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $193,600.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) 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)
123 Ridgewood Avenue/Block 2692/Lot 14/South Ward
125 Ridgewood Avenue/Block 2692/Lot 15/South Ward
133-135 Ridgewood Avenue/Block 2692/Lot 19 & 20/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 10,500 X $6.00 = $63,000.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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WHEREAS, the Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned properties located in South Ward of the City of Newark:

ADDRESS BLOCK LOT SIZE SQ. FEET
123 Ridgewood Avenue 2692 14 25X105 2625
125 Ridgewood Avenue 2692 15 25X105 2625
133-135 Ridgewood Avenue 2692 19 & 20 50X105 5250

Purchase Price: $63,000.00 ($6.00 per sf.); and

WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Propert...

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