Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct or develop properties into six (6) three-family residential homes.
Entity Name: 512-520 South 19th Street Associates, LLC
Entity Address: 51 Lake Street, Newark, New Jersey 07104
Sale Amount: $90,654.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $174,800.00
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)
512-520 South 19th Street/Block 336/Lot 1/West Ward
522 South 19th Street/Block 336/Lot 49/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 15,109 X $6.00 = $90,654.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
No Action Taken 7R2-h (s) 081721
body
WHEREAS, the purpose of this Resolution 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(S)
SIZE
SQ. FEET
512-520 South 19th Street
522 South 19th Street
336
336
1
49
31.3X100
11,979
3,130
Purchase Price: $90,654.00 ($6.00 per s.f.); and
WHEREAS, the Department of Economic and Housing Development (the "City") has determined that the above referenced City-owned Properties (the "Properties") are no longer needed for public ...
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