Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop five (5) affordable 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)
26 Stuyvesant Avenue/Block 4066/Lot 17/West Ward
140 Palm Street/Block 4199/Lot 146/West Ward
35 Salem Street/Block 4115/Lot 43/West Ward
59 Boylan Street/Block 4063/Lot 102/West Ward
116-118 Mead Street/Block 4104/Lot 3/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.
Deferred 7R2-d 100621
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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
26 Stuyvesant Avenue
4066
17
25X100 2,500
140 Palm Street
4199
146
25X100 2,500
35 Salem Street
4115
43
28.3X100 2,830
59 Boylan Street
4063
102
33.4X100 3,340
116-118 Mea...
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