Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the properties as affordable rental housing.
Entity Name: Shatee Brown
Entity Address: 4807 Church Avenue, Brooklyn, New York 11203
Sale Amount: $37,300.00
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $139,500.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) months following transfer of property 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)
37 Sunset Avenue/Block 4061/Lot 127/West Ward
39 Sunset Avenue/Block 4061/Lot 150/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 3,730 X $10.00 = $37,300.00.
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 purpose of this Resolution 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
SIZE
SQ. FEET
37 Sunset Avenue
4061
127
18.6X100
1,860
39 Sunset Avenue
4061
150
18.7X100
1,870
Purchase Price: $37,300.00 ($10.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") 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 said conv...
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