Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Develop approximately 48 residential housing units, one mixed-use and one commercial property
Entity Name: Newark Interfaith LLC
Entity Address: One Gateway Center, Suite 2600, Newark, New Jersey 07102
Sale Amount: $548,233.28
Cost Basis: (X) $4.00-$10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $1,099,100.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (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)
40-50 Kent Street/Block 2615/Lot 23/South Ward
379-381 Avon Avenue/Block 2632/Lot 22/South Ward
687-689 Clinton Avenue/Block 3008/Lot 1/South Ward
522-524 Hawthorne Avenue/Block 3067/Lot 1/South Ward
520 Hawthorne Avenue/Block 3067/Lot 3/South Ward
510-512 Hawthorne Avenue/Block 3067/Lot 7.01/South Ward
827-829 Bergen Street/Block 3590/Lot 33/South Ward
831-833 Bergen Street/Block 3590/Lot 35, 36/South Ward
835 Bergen Street/Block 3590/Lot 37/South Ward
837-839 Bergen Street/Block 3590/Lot 38, 39/South Ward
841-843 Bergen Street/Block 3590/Lot 40.01/South Ward
845 Bergen Street/Block 3590/Lot 40.02/South Ward
12-16 Wolcott Terrace/Block 3617/Lot 15, 16/South Ward
10 Wolcott Terrace/Block 3617/Lot 26/South Ward
22-26 Wolcott Terrace/Block 3618/Lot 11/South Ward
24 Patten Place/Block 3618/Lot 10/South Ward
Additional Information:
Square Feet 29,598.07 X $4.00 = $118,392.28
Square Feet 42,984.10 X $10.00 = $429,841.00
Total Sales Price: $548,233.28
Sale at prices set forth by Ordinance 6S&Fh, adopted on Apri...
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