Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: 602 South Orange Avenue and 604 South Orange Avenue will consist of new construction of a mixed-use building having two (2) to three (3) units for rent at market rate, ground floor commercial space for wine and spirits shop, and customer parking lot. 35 North 14th Street will be developed as a newly constructed two-family home to be sold at market rate.
Entity Name: IAMYCO Investments LLC
Entity Address: 81 Northfield Avenue #103, West Orange,
New Jersey 07052
Sale Amount: $143,764.11
Cost Basis: (X) $21.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $169,400.00
Appraised Amount: N/A
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
602 South Orange Avenue/ Block 4003/ Lot 2/ West Ward
604 South Orange Avenue/ Block 4003/ Lot 1/ West Ward
35 North 14th Street/ Block 1923/ Lot 40/ West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 6,845.91 X $21.00 = $143,764.11
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
602 South Orange Avenue
4003
...
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