Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop the properties into eleven (11) residential two-family homes.
Entity Name: Soul Town Property Investment Group, LLC
Entity Address: Carteret, New Jersey 07008
Sale Amount: $128,713.20
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $676,100.00
Appraised Amount: $0.00
Contract Period: To be commenced within three (3) months and be completed within twenty-four (24) months following transfer of property 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)
95 Chadwick Avenue/Block 3000/Lot 7/South Ward
594-598 South Orange Avenue/Block 4003/Lot 5/West Ward
47-49 Whitney Street/Block 4003/Lot 6.01/West Ward
51-53 Whitney Street/Block 4003/Lot 6.02/West Ward
55-57 Whitney Street/Block 4003/Lot 6.03/West Ward
59-63 Whitney Street/Block 4003/Lot 6.04/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 21,452.2 X $6.00 = $128,713.20.
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 and South Ward of the City of Newark:
ADDRESS
BLOCK
LOTS
SIZE
SQ. FEET
95 Chadwick Avenue
3000
7
25X100
2,500
594-598 South Orange Avenue
4003
5
66X40.7
2,686.2
47-49 Whitney Street
4003
6.01
3,594
51-53 Whitney Street
4003
6.02
3,564
55-57 Whitney Street
4003
6.03
4,554
59-63 Whitney Street
4003
6.04
4...
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