Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct one (1) two-family home and a ten (10) unit residential building with a commercial store front.
Entity Name: Southward Properties, LLC
Entity Address: 290 Ferry Street, Newark, New Jersey 07105
Sale Amount: $43,530.00
Cost Basis: (X) $ 6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $155,300.00
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)
267 Sherman Avenue/Block 2761/Lot 33/South Ward
34 Elizabeth Avenue/Block 2801/Lot 7/South Ward
36 Elizabeth Avenue/Block 2801/Lot 5/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 7,255 X $6.00 = $43,530.00.
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 South Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
267 Sherman Avenue 34 Elizabeth Avenue
36 Elizabeth Avenue
2761
2801
2801
33
7
5
25X100
17X95
3,140
2,500
1,615
3,140
Purchase Price: $43,530.00 ($6.00 per sq. ft.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") are no longer needed for public use; and
WHEREAS, pursu...
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