Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate an abandoned building into a mixed-use building.
Entity Name: The Newstead Property Group, LLC
Entity Address: 72 Speir Drive, South Orange, New Jersey 07079
Sale Amount: $63,000.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $153,200.00
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)
741-747 South 20th Street/Block 368/Lot 20/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 10,500 X $6.00 = $63,000.00
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 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
SIZE
SQ. FEET
741-747 S. 20th Street
368
20
100X105
10,500
Purchase Price: $63,000.00 ($6.00 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 public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City is proceeding with the rehabilitation of the area and is conveying properties at such prices and upon such terms as it deems reasonable, and ...
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