Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Develop a four-story, approximately twenty-four (24) unit mixed use apartment building with parking and ground level commercial retail space.
Entity Name: Empire Risk Properties, LLC
Entity Address: 49 16th Avenue, Newark, New Jersey 07103
Sale Amount: $85,687.00
Cost Basis: (X) $7.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $148,800.00
Appraised Amount: $0.00
Contract Period: To be commenced within three (3) months and be completed within twenty-four (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)
51 16th Avenue/Block 295/Lot 27/Central Ward
53 16th Avenue/Block 295/Lot 28/Central Ward
55 16th Avenue/Block 295/Lot 29/Central Ward
57 16th Avenue/Block 295/Lot 30/Central Ward
59 16th Avenue/Block 295/Lot 31/Central Ward
Additional Information:
Total Square Footage = 12,241. X $7.00 = $85,687.00
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 to approve the sale and redevelopment of the following City-owned Properties located in the Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
51 16th Avenue
295
27
24.9X90
2,241.
53 16th Avenue
295
28
25X100
2,500.
55 16th Avenue
295
29
25X100
2,500.
57 16th Avenue
295
30
25X100
2,500.
59 16th Avenue
295
31
25X100
2,500.
Total Square Footage: 12,241.
Purchase Price: $85,687.00 ($7.00 per sf.); and
WHEREAS, the City of Newark has determined that the a...
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