Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Complete redevelopment site assemblage for property inadvertently omitted from purchase at September 16, 2014 auction
Entity Name: Waleed Mohammad and Muhmood Ahmadi
Entity Address: 107 Walnut Street, Livingston, New Jersey 07039
Sale Amount: $18,500.00
Cost Basis: ( ) $ PSF (X ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $60,400.00
Appraised Amount: $N/A
Contract Period: To be commenced within 3 months and be completed within 18 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)
482 Springfield Avenue/Block 306/Lot 56/Central Ward
Additional Information:
Resolution 7R3-E(AS) Adopted 10/01/14; Accepted purchasers bid for properties 478 and 480 Springfield Avenue, Block 306, Lots 55 and 54, Central Ward
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WHEREAS, on September 16, 2014, the Department of Economic and Housing Development conducted a public auction for the sale of City-owned properties known as 478 and 480 Springfield Avenue, Newark, New Jersey, Block 306, Lots 54 and 55; and
WHEREAS, Waleed Mohammad and Muhmood Ahmadi (the "Purchasers"), whose mailing address is 107 Walnut Street, Livingston, New Jersey, 07039, submitted a bid to purchase the above-mentioned properties for One Hundred Seventy Thousand Dollars and No Cents ($170,000.00); and
WHEREAS, the Municipal Council of the City of Newark, adopted resolution 7R3-e(as) on October 1, 2014 which accepted the bid of the Purchasers, and authorized the Deputy Mayor/Director of ...
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