Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To redevelop property as a mixed-use development consisting of two (2) storefront commercial units and twelve (12) residential market rate units.
Entity Name: A. Aleem Construction, Inc.
Entity Address: 1629 Park Avenue, Suite 1B, New York, New York 10029
Sale Amount: $200,000.00
Cost Basis: () $40.00 PSF (X ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $485,600.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) months from the 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)
501-503 Central Avenue/Block 1854/Lot 24/West Ward
Additional Information:
Negotiated Sale Price: Total Square Footage X PSF = 5,000 X $40.00 = $200,000.00
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 desires to approve the sale and redevelopment of the following City-owned property located in the West Ward of the City of Newark:
ADDRESS BLOCK LOT SIZE SQ. FEET
501-503 Central Avenue 1854 24 50X100 5,000
Negotiated Purchase Price: $200,000.00 ($40.00 per sq ft); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") is no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the Ci...
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