Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop property into a metal art studio for personal business purposes.
Entity Name: Galo Castellanos
Entity Address: 45 Sherman Avenue, East Newark, New Jersey 07029
Sale Amount: $30,240.00
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $81,400.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) months following transfer of Property ownership 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)
686-688 Bergen Street/Block 2688/Lot 48/South Ward
Additional Information:
Galo Castellanos is the adjoining property owner at 684 Bergen Street, and is looking to acquire this property to create a metal art studio and move his business to Newark where he resides.
Sale Price: Total Square Footage X PSF = 3,780 X 8.00 = $30,240.00
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 desires 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
686-688 Bergen Street
2688
48
36X105
3,780
Purchase Price: $30,240.00 ($8.00 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:...
Click here for full text