Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct a Five-Story Mixed Use Development with parking and ground floor retail spaces.
Entity Name: 269 Springfield Avenue, LLC
Entity Address: 500 Avenue P, Newark, New Jersey 07105
Sale Amount: $164,107.20
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $981,200.00
Appraised Amount: $0.00
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 ( ) RFQ
(X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
285 Springfield Avenue/Block 2518/Lot 1/Central Ward
283 Springfield Avenue/Block 2518/Lot 2/Central Ward
281 Springfield Avenue/Block 2518/Lot 3/Central Ward
279 Springfield Avenue/Block 2518/Lot 4/Central Ward
277 Springfield Avenue/Block 2518/Lot 5/Central Ward
275 Springfield Avenue/Block 2518/Lot 6/Central Ward
269-273 Springfield Avenue/Block 2518/Lot 7/Central Ward
11-13 Boyd Street/Block 2518/Lot 11/Central Ward
5 Sayre Street/Block 2518/Lot 43/Central Ward
7-9 Boyd Street/Block 2518/Lot 61/Central Ward
14 Boyd Street/Block 2519/Lot 47/Central Ward
12 Boyd Street/Block 2519/Lot 48/Central Ward
8-10 Boyd Street/Block 2519/Lots 49 and 50/Central Ward
6 Boyd Street/Block 2519/Lot 51/Central Ward
265-267 Springfield Avenue/Block 2519/Lots 52 and 53/Central Ward
261-261 1/2 Springfield Avenue/Block 2519/Lot 56/Central Ward
Additional Information:
Sale Price: Total Square Footage x PSF = 41,026.8 X $4.00 = $164,107.20
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale pr...
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