Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of a new mixed-use building consisting of one (1) commercial space and two (2) residential units. Both residential units will be designated for households earning 50% of the Area Median Income (AMI).
Entity Name: Abdullatif Consulting LLC
Entity Address: 653 West Edgar Road NUM 1120, Linden, New Jersey 07036
Sale Amount: $24,670.80
Cost Basis: (X) $14.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $9,300.00
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)
46-50 Ridgewood Avenue /Block 2665/Lot 38/ South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 1,762.20 X $14.00 = $24,670.80.
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 purpose of this Resolution is 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
46-50 Ridgewood Avenue
2665
38
80.1X22 1,762.20
Total Square Footage: 1,762.20
Purchase Price: $24,670.80 ($14.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") is no longer needed for ...
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