Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Develop duplex-style rental or for-sale affordable housing
Entity Name: DTG Newark, LLC.
Entity Address: 1704 Flatbush Avenue, Brooklyn, New York 11210
Sale Amount: $28,000.00
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $89,000.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) 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)
643 S 10th Street/Block 2617/Lot 33/South Ward
645 S 10th Street/Block 2617/Lot 34/South Ward
647 S 10th Street/Block 2617/Lot 35/South Ward
Additional Information:
Total Square Footage = 7,000 X $4.00 = $28,000.00
Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned Properties
Revised Assessment on Block 2617, Lot 34 is $28,000.00, removing improvement assessment ($160,600.00) as property has been demolished.
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WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned Properties located in the South Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
643 S 10th Street South 2617 33 25X100 2,500
645 S 10th Street South 2617 34 25X90 2,250
647 S 10th Street South 2617 35 25X90 2,250
Total Square Footage: 7,000
Total Purchase Price: $28,000.00 ($4.00 per sf.); and
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