Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Redevelopment of City-owned Properties for use as parking for a Banquet Hall located at 621-625 Orange Street (West Ward)
Entity Name: Supreme Realty, Inc.
Entity Address: 621-625 Orange Street, Newark, New Jersey 07107
Sale Amount: $80,000.00
Cost Basis: ( ) $ PSF () Negotiated ( X ) N/A ( ) Other:
Assessed Amount: $187,500.00
Appraised Amount: $ 80,000.00
Contract Period: Construction to be completed within six (6) months of conveyance of title
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:
(Block/Lot/Address/Ward)
BLOCK LOT ADDRESS WARD SIZE AREA APPRAISAL
1900.01 1 621 Orange St West 28.1’ x 78.3’ 2,200.23 $15,000.00
1900.01 2 623 Orange St West 25’ x 79.3’ 1,982.50 $15,000.00
1900.01 3 625 Orange St West 25’ x 79.3’ 1,982.50 $15,000.00
1899 27 5-9 South 14th St. West 64.4x75.2 4842.88 $35,000.00
Total 11,008.11 $80,000.00
Additional Information:
Legislation recinds Resolutions 7RE(S) 030706; 7R3-G 010709 and any prior legislation authorizing or attempting to authorize the conveyance of the above listed properties.
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WHEREAS, the Newark Municipal Council desires to rescind a previously authorized sale of City-owned land located in the West Ward and to re-authorize the sale of these City-owned properties for use as parking for a Banquet Hall located at 621-625 Orange Street, Newark, New Jersey; and
WHEREAS, through Resolution 7RE(S) adopted March 7, 2006, the Newark Municipal Council approved the sale of the following properties located in the West Ward:
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