Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop two (2) new multi-family homes.
Entity Name: J&J Property Group, LLC
Entity Address: Hillside, New Jersey 07205
Sale Amount: $30,600.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $131,900.00
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)
320 South 7th Street/Block 279/Lot 34/Central Ward
112 South 13th Street/Block 1859/Lot 58/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,100.0 X $6.00 = $30,600.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties
Failed 7R2-b (s) 041222
Deferred 7R2-b 042022
Deferred 7R2-b 050422
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 Ward and West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
320 South 7th Street
279
34
25X100 2,500.0
112 South 13th Street
1859
58
26X100 2,600.0
Total Square Footage: 5,100.0
Total Purchase Price: $30,600.00 ($6.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") are no long...
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