Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construct approximately 90 units of affordable and market rate housing with thirty-five (35) parking spaces and one (1) commercial/retail space
Entity Name: AC and J Restoration Group, Corporation
Entity Address: 836 South 19th Street, Newark, New Jersey 07108-0710
Sale Amount: $200,000.00
Cost Basis: ( ) $15.00 PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $635,400.00
Appraised Amount: $330,000.00
Contract Period: To commence within three (3) months and be completed within twenty (24) months from the transfer of 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)
333 Mulberry Street/Block 884/Lot 18/Central Ward
337 Mulberry Street/Block 884/Lot 20/Central Ward
339 Mulberry Street/Block 884/Lot 22/Central Ward
17 Scott Street/Block 884/Lot 27/Central Ward
19 Scott Street/Block 884/Lot 26/Central Ward
21 Scott Street/Block 884/Lot 25/Central Ward
23 Scott Street/Block 884/Lot 24/Central Ward
Additional Information:
Appraised Value: $330,000.00
Estimated Demolition & Remediation: $95,000.00
Negotiated Sale Price: $200,000.00
Total Square Footage = 13,329.58 X $?15.00 = $200,000.00
Deferred 7R2-d 051018
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned Properties located in the Central Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
333 Mulberry Street Central 884 18 22.4X71.6 1,603.84
337 Mulberry Street Central ...
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