Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct five (5) two-family houses for sale.
Entity Name: SVM Properties, LLC
Entity Address: 2360 Hamburg Turnpike, Wayne, New Jersey 07470
Sale Amount: $75,135.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $221,900.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
307 South 6th Street/Block 279/Lot 17/Central Ward
23 Hudson Street/Block 2849/Lot 16/Central Ward
465 Hawthorne Avenue/Block 3044.02/Lot 54/South Ward
234 Leslie Street/Block 3064/Lot 54/South Ward
61 Lindsley Avenue/Block 4072/Lot 2/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 12,522.50 X $6.00 = $75,135.00.
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 Central, South, and West Wards of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
307 South 6th Street
279
17
25X100
2,500
23 Hudson Street
2849
16
25X96.9
2422.50
465 Hawthorne Avenue
3044.02
54
25X100
2,500
234 Leslie Street
61 Lindsley Avenue
3064
4072
54|1010|25X104
25X100
2,600
2500
Purchase Price: $75,135.00 ($6....
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