Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of a health care center; veterans housing facility with ground floor retail, and modest parking area
Entity Name: 432-446 South Orange Avenue, LLC.
Entity Address: 228 Lafayette Street, 2nd Floor, Newark, New Jersey 07105
Sale Amount: $610,000.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( X ) Other :Appraisal
Assessed Amount: $527,900.00
Appraised Amount: $610,000.00
Contract Period: To commence 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 ( X ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
432-434 South Orange Avenue/Block 318/Lot 8/West Ward
436-440 South Orange Avenue/Block 318/Lot 4/West Ward
442-446 South Orange Avenue/Block 318/Lot 1/West Ward
454-462 South Orange Avenue/Block 319/Lot 21/West Ward
476 South Orange Avenue/Block 320/Lot 4/West Ward
Additional Information:
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned Properties located in the West Ward of the City of Newark:
ADDRESS
WARD
BLOCK
LOT
SIZE
SQ. FEET
432-434 So. Orange Ave
West
318|1010|51.11X100
5,111.00
436-440 So. Orange Ave
West
318|1010|78.4X100
7,840.00
442-446 So. Orange Ave
West
318|1010|76.11X49
3,729.39
454-462 So. Orange Ave
West
319
21
117.5X98.11
11,527.93
476 South Orange Ave
West
320|1010|25X100
2,500.00
Total Square Footage: 30,708.32
Total Purchase Price: $610,000.00 (Approx. $19.864.00 per sq. ft.); and
WHEREAS, the City of Newark has ...
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