Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct three (3) affordable multi-family homes.
Entity Name: Watson Realty & Development, LLC
Entity Address: 623 Eagle Rock Avenue, Suite #124, West Orange, New Jersey 07052
Sale Amount: $52,800.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $69,800.00
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)
713 South 11th Street/Block 2631/Lot 3/South Ward
840 South 19th Street/Block 2643/Lot 42/South Ward
896 South 19th Street/Block 3014/Lot 36/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 8,800 X $6.00 = $52,800.00.
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 properties located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
713 South 11th Street
2631
3
28X100 2,800
840 South 19th Street
2643
42
25X100 2,500
896 South 19th Street
3014
36
35X100 3,500
Purchase Price: $52,800.00 ($6.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned...
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