Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the property to provide a three-family home for rental or for-sale housing.
Entity Name: 21st Associates, LLC
Entity Address: 934 E. Gunhill Road, Bronx, New York 10469
Sale Amount: $31,288.71
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $160,500.00
Appraised Amount: $0.00
Contract Period: To be commenced within three (3) months and be completed within twelve (12) 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)
63 Verona Avenue/Block 832/Lot 8/North Ward
Additional Information:
Sale Price: Total Square Footage = 3,128.87 X $10.00 = $31,288.71.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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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 North Ward of the City of Newark:
ADDRESS BLOCK LOT SIZE SQ. FEET
63 Verona Avenue 832 8 22.65X138.14 3,128.87
Purchase Price: $31,288.71 ($10.00 per sf.); and
WHEREAS, the City of Newark (the "City") 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 rehabilitation of the area and is conveying properties at such prices and upon such terms as it deems reasonable and said conveyance is made in ...
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