Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Develop a mixed-use residential/commercial building.
Entity Name: Davidson, Abraham and Associates, LLC
Entity Address: 295 Hudson Avenue, Englewood, New Jersey 07631
Sale Amount: $5,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $1,586,300.00
Appraised Amount: N/A
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)
114-116 Market St. Rear/Block 60/Lot 33.02/Central Ward
Additional Information:
Property to be conveyed for nominal consideration to off-set remediation and demolition costs projected to exceed $2,000,000.00.
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WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned property located in the Central Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
114-116 Market St. Rear Central 60 33.02 90.5X153 13,846.5
Total Purchase Price: $5,000.00 (nominal); and
WHEREAS, the City of Newark has determined that the above referenced City-owned property (the "Property") is no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of Newark is proceeding with the redevelopment of the area and is conveying properties at such prices and upon such terms as it deems reasonable and said conveyance is made in conjunction with the applicable...
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