Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct two (2) two-family homes on vacant lots and demolish the existing structures to construct an apartment building containing up to twelve (12) residential units.
Entity Name: Broadbelt CMGC, LLC
Entity Address: 25 Clifton Avenue, Suite D2204, Newark, New Jersey 07104
Sale Amount: $67,375.00
Cost Basis: (X) $7.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $198,900.00
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)
20 9th Avenue/Block 1856/Lot 7/West Ward
338 Orange Street/Block 2848/Lot 6/Central Ward
13 Hecker Street/Block 2848/Lot 11/Central Ward
15 Hecker Street/Block 2848/Lot 12/Central Ward
Additional Information:
Total Price: Square Footage X PSF = 9,625 X $7.00 = $67,375.00
Sale at prices set forth by Ordinance 6S&Fh adopted April 7, 2004, establishing the minimum sale price of City-owned properties.
body
WHEREAS, the purpose of this resolution to approve the sale and redevelopment of the following City-owned Properties located in the West Ward and Central Ward of the City of Newark:
ADDRESS
WARD
BLOCK
LOT
SIZE
SQ. FEET
20 9TH AVE
WEST
1856|1010|25X85
2,125.
338 ORANGE ST
CENTRAL
2848|1010|25.6X100
2,560.
13 HECKER ST
CENTRAL
2848
11
26X95
2,470.
15 HECKER ST
CENTRAL
2848
12
26X95
2,470.
Total Square Footage: 9,625.
Purchase Price: $67,375.00 ($7.00 per sf.); and
WHEREAS, the City of Newark has determined that ...
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