Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the properties to construct a twelve (12) unit townhouse structure as rental housing.
Entity Name: Satary Real Estate Investments, LLC
Entity Address: Hackettstown, New Jersey 07840
Sale Amount: $50,400.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $93,200.00
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)
697 South 11th Street/Block 2618/Lot 73/South Ward
699 South 11th Street/Block 2618/Lot 36/South Ward
701 South 11th Street/Block 2618/Lot 37/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 8,400 X $6.00 = $50,400.00.
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 South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
697 South 11th Street
2618
73
28X100 2,800
699 South 11th Street 701 South 11th Street
2618
2618
36
37
28X100 2,800
28X100 2,800
Total Square Footage: 8,400 s.f.
Purchase Price: $50,400.00 ($6.00 per s.f.); and
WHEREAS, the City of Newark (the "City")...
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