Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To redevelop three (3) existing properties into three (3) two-family residential homes to create affordable rental or for-sale housing.
Entity Name: SAJ Development, LLC
Entity Address: 70 South Munn Avenue, Suite 1104, East Orange, New Jersey 07018
Sale Amount: $74,620.00
Cost Basis: (X) $6.00 - $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $289,500.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (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
(Address/Block/Lot/Ward)
389 Lyons Avenue/Block 3070/Lot 26/South Ward
855 S 14th Street/Block 3010/Lot 24/South Ward
97 Willoughby Street/Block 3054/Lot 28/South Ward
Additional Information:
Address
Block
Lot
Size
Sq. Feet
Vacant Land (Yes/No)
389 Lyons Avenue
3070
26
33.4X100
3,340.
No
855 S 14th Street
3010
24
27.6X95
2,622.
No
97 Willoughby Street
3054
28
25X100
2,500.
Yes
Total Sale Price: Square Feet x PSF
Properties with Structures = 5,962 square feet X $10.00 = $59,620.00
Vacant Land = 2,500 square feet X $6.00 = $15,000.00
Total Purchase Price: $74,620.00
Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned Properties located in the South Ward of the City of Newark:
Address
Block
Lot
Size
Sq. Feet
Vacant Land (Yes/No)
389 Lyons Avenue
3070
26
33.4X100
3,340.
No
855 S 14th Street
3010
24
2...
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