Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Conveyance of City-owned properties for the construction and sale of four (4) new two (2) family houses.
Entity Name: LEF Developments, LLC
Entity Address: 623 Eagle Rock Avenue, Suite 152, West Orange, New Jersey 07052
Sale Amount: $60,120.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $125,200.00
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)
162 South 8th Street/Block 1811/Lot 41/West Ward
154 South 8th Street/Block 1811/Lot 45/West Ward
214 South 10th Street/Block 1813/Lot 46/West Ward
216 South 12th Street/Block 1815/Lot 54/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 10,020 X $6.00 = $60,120.00
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 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
SIZE
SQ. FEET
162 South 8th Street
1811
41
25X100
2,500
154 South 8th Street
1811
45
25X100
2,500
214 South 10th Street
1813
46
25X100
2,500
216 South 12th Street
1815
54
25.2X100
2,520
Purchase Price: $60,120.00 ($6.00 per sf.); and
WHEREAS, the City of Ne...
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