Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide new construction of two (2) two-family homes to sell at market rate.
Entity Name: L.A.B Acquisitions, LLC
Entity Address: 188 Jefferson Street, #355, Newark, New Jersey 07105
Sale Amount: $92,070.00
Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $125,800.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) 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)
9 Gladstone Avenue/Block 4004/Lot 43/West Ward
11 Gladstone Avenue/Block 4004/Lot 42/West Ward
28 Gladstone Avenue/Block 4003/Lot 38/West Ward
24-26 Gladstone Avenue/Block 4003/Lot 39/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 10,230 X $9.00 = $92,070.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Deferred 7R2-c 110724
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned Property located in the West Ward of the City of Newark ("City"):
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
9 Gladstone Avenue
4004
43
30X87.2 2,616
11 Gladstone Avenue
4004
42
30X87.2 2,616
28 Gladstone Avenue
4003
38
30X83.3 2,499
24-26 Gladstone Avenue
4003
39
30X83.3 ...
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