Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a three-family home to be rented
at market rate.
Entity Name: Alpha Development and Investments LLC
Entity Address: 972 Mayor Kenneth A. Gibson Boulevard, Newark,
New Jersey 07102
Sale Amount: $84,709.00
Cost Basis: (X) $23.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $59,600.00
Appraised Amount: n/a
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)
517 South 14th Street/Block 332/Lot 19.01/West Ward
519 South 14th Street/Block 332/Lot 19.02/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 3,683 X $23.00 = $84,709.00.
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 purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
517 South 14th Street
332
19.01
1875 SF 1,875
519 South 14th Street
332
19.02
1808 SF 1,808
Total Square Footage: 3,683
Purchase Price: $84,709.00 ($23.00 per s.f.); and
WHEREAS, the City of Newark (the “City”) has determined that the above referenced City-owned proper...
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