Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of a three (3) story, twelve (12) unit affordable apartment building.
Entity Name: DS Real Estate Investors, LLC
Entity Address: 59 William Street, East Orange, New Jersey 07017
Sale Amount: $155,610.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other
Assessed Amount: $58,200.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months from the transfer of ownership by the City
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)
112-118 N Munn Avenue/Block 4223/Lot 14/ West Ward
120-122 N Munn Avenue/Block 4223/Lot 1/West Ward
124 N Munn Avenue/Block 4223/Lot 8/West Ward
Additional Information:
Total Square Footage = 25,935 X $6.00 = $155,610.00
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 purpose of this resolution is to approve the sale and redevelopment of the following City-owned properties located in the West Ward of the City of Newark (the "City"):
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
112-118 N Munn Avenue West 4223 14 100X150 15,000
120-122 N Munn Avenue West 4223 1 52.6X150 7,890
124 N Munn Avenue West 4223 8 20.3X150 3,045
Total Square Footage: 25,935
Total Purchase Price: $155,610.00 ($6.00 per sf.); and
WHEREAS, the City has determined that the above referenced City-owned propert...
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