Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct twenty-four (24) residential units and three (3) retail spaces.
Entity Name: 760 Clinton Ave Shoho, LLC.
Entity Address: 1037 Route 46 East, Suite 101, Clifton, New Jersey 07013
Sale Amount: $71,344.00
Cost Basis: ( ) PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $1,018,300.00
Appraised Amount: $215,000.00
Contract Period: To commence within six (6) months and be completed within two (2) years 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
760-766 Clinton Avenue/3042/1&5/South
Additional Information:
Total Assessed Amount: $1,018,300.00
Total Appraised Amount: $215,000.00
Demolition Cost Amount: $159,000.00
City Demolition Credit: -$143,656.00
Total Negotiated Amount: $71,344.00
Total Appraised Amount: $215,000.00
City Demolition Credit: -$143,656.00
Total Purchase Price: $71,344.00
Body
WHEREAS, the purpose of this resolution is to approve the sale and rehabilitation of the following City-owned property located in the South Ward of the City of Newark (the "Property"):
ADDRESS WARD BLOCK LOTS
760-766 Clinton Avenue SOUTH 3042 1 & 5
Total Assessed Amount: $1,018,300.00
Total Appraised Amount: $215,000.00
Demolition Cost Amount: $159,000.00
City Demolition Credit: -$143,656.00
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