Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment/Subordination Agreement
Purpose: To subordinate the City's Reverter Rights by entering into an Amended Standard Conditions of Sale and a Subordination Agreement to enable the Redeveloper to obtain financing necessary for the redevelopment of rental or for-sale owner-occupied housing.
Entity Name: Carvalho Realty, LLC
Entity Address: 236 South 11th Street, Newark, New Jersey 07107
Sale Amount: $0.00
Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $0.00
Contract Period: Not Applicable
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
(Address/Block/Lot/Ward)
485 South 18th Street/Block 325/Lot 16.01/West Ward
487 South 18th Street/Block 325/Lot 16.02/West Ward
Additional Information:
Resolution 7R2-h(S) adopted on August 11, 2020, authorized the sale of City-owned real estate property not needed for public use through a Public Real Estate Auction.
Resolution 7R2-e(AS) adopted on September 16, 2020, accepted the bids and execution of Quitclaim Deeds for properties sold at Public Auction on Thursday, August 27, 2020.
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WHEREAS, pursuant to Resolution 7R2-h(s) adopted on August 11, 2020 and 7R2-e(as) adopted on September 16, 2020, by the Newark Municipal Council ("Municipal Council"), the Mayor and the Deputy Mayor/Director of the Department of Economic and Housing Development were authorized to execute a Quitclaim Deed ("Deed"), pursuant to the Standard Conditions of Sale, for the sale of City owned property located at 485 South 18th Street and 487 South 18th Street (formally known as 485-487 South 18th Street) and identified on the official tax ma...
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