Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop five (5) multi-family homes across the West Ward.
Entity Name: Benfica Development, LLC
Entity Address: 18-20 Bloomfield Avenue, Belleville, New Jersey 07109
Sale Amount: $89,580.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $240,800.00
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)
59 Boylan Street/Block 4063/Lot 102/West Ward
26 Stuyvesant Avenue/Block 4066/Lot 17/West Ward
116-118 Mead Street/Block 4104/Lot 3/West Ward
35 Salem Street/Block 4115/Lot 43/West Ward
44 Montrose Street/Block 4177/Lot 30/West Ward
Additional Information:
Total Price: Square Footage X PSF = 14,930 X $6.00 = $89,580.00.
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 Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned properties located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
59 Boylan Street
26 Stuyvesant Avenue
4063
4066
102
17
33.4X100 3,340
25X100 2,500
116-118 Mead Street
4104
3
37.6X100 3,760
35 Salem Street
44 Montrose Street
4115
4177
43
30
28.3X100 2,830
25X100 2,5...
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