Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To consolidate with the existing adjacent lot for the expansion of auto sales operations
Entity Name: C.Y. & R.D. Real Estate, LLC
Entity Address: 18 Glenwood Road, East Hanover, New Jersey, 07936
Sale Amount: $240,000.00
Cost Basis: ( ) $ PSF(X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $147,400.00
Appraised Amount: $
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)
835 Broadway/Block 822/Lot 18/ North Ward
837 Broadway/Block 822/Lot 19/ North Ward
839 Broadway/Block 822/Lot 20/ North Ward
Additional Information:
Sale Price: Negotiated = $240,000.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the North Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE SQ. FEET
835 Broadway
822
18
28.6X89.6 2,562.56
837 Broadway
822
19
20.6X123.2 2,537.92
839 Broadway
822
20
20X122.1 2,442
Total Square Footage: 7,542.48
Purchase Price: $240,000.00 (Negotiated.); and
WHEREAS, the City of Newark (the “City”) has determined that the above referenced City-owned properties (the “Property”) are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City ...
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