Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: First Amendment to the Agreement for the Sale and Redevelopment of Land to Newark Interfaith, LLC, to develop approximately forty-eight (48) residential housing units, one (1) mixed-use, and one (1) commercial property, to remove the following six (6) properties: 827-829 Bergen Street; 831-833 Bergen Street; 835 Bergen Street; 837-839 Bergen Street; 841-843 Bergen Street; and 845 Bergen Street.
Entity Name: Newark Interfaith, LLC.
Entity Address: One Gateway Center, Suite 2600, Newark, New Jersey 07102
Sale Amount: $300,233.28
Cost Basis: (X) $4.00-$10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $583,800.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months from the transfer of ownership by the City
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)
Property Address
Block
Lot
Square Feet
Price Per Sq. Foot
Price
40-50 Kent Street
2615
23
13,358.97
$4.00
$53,435.88
379-381 Avon Avenue
2632
22
5,000
$4.00
$20,000.00
687-689 Clinton Avenue
3008|1010|6,482.10
$10.00
$64,821.00
522-524 Hawthorne Avenue
3067|1010|5,202
$10.00
$52,020.00
520 Hawthorne Avenue
3067|1010|2,000
$10.00
$20,000.00
510-512 Hawthorne Avenue
3067
7.01
4,500
$10.00
$45,000.00
12-16 Wolcott Terrace
3617
15,16
4,754.10
$4.00
$19,016.40
10 Wolcott Terrace
3617
26
2,006.40
$4.00
$8,025.60
22-26 Wolcott Terrace
3618
11
2,028.60
$4.00
$8,114.40
24 Patten Place
3618
10
2,450
$4.00
$9,800.00
Total
47,782.17
$300,233.28
Properties located on major corridors, Clinton Avenue and Hawthorne Avenue, ...
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