Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide new construction of forty (40) residential units with parking, tenant amenity space, and workforce housing units.
Entity Name: 254 Clinton Avenue Group, LLC
Entity Address: 325 Ferry Street, Suite 108, Newark, New Jersey 07105
Sale Amount: $96,706.00
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $239,800.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
254 Clinton Avenue/Block 2671/Lot 9/South Ward
256 Clinton Avenue/Block 2671/Lot 8/South Ward
258 Clinton Avenue/Block 2671/Lot 7/South Ward
260 Clinton Avenue/Block 2671/Lot 6/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 12,088.25 X $8.00 = $96,706.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Deferred 7R2-e 052423
body
WHEREAS, the Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned Property located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
254 Clinton Avenue
2671
9
25X106.7 2,667.50
256 Clinton Avenue
2671
8
25X117.83 2,945.75
258 Clinton Avenue
2671
7
25X129 3,2...
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