Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the existing structures to create affordable rental or for-sale housing.
Entity Name: Excelsior Property Group, LTD Liability Company
Entity Address: 65 N. 6th Street, Newark, New Jersey 07107
Sale Amount: $79,527.50
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $434,200.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) 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)
44 Fabyan Place/Block 3076/Lot 1/South Ward
101 Fabyan Place/Block 3091/Lot 13/South Ward
103 Fabyan Place/Block 3091/Lot 14/South Ward
Additional Information:
Total Sale Price: Total Square Footage x PSF = 7,952.75 square feet X $10.00 = $79,527.50.
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 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
44 Fabyan Place
3076
1
25X118.11
2,952.75
101 Fabyan Place
3091
13
25X100
2,500.
103 Fabyan Place
3091
14
25X100
2,500.
Total Square Footage: 7,952.75
Purchase Price: $79,527.50 ($10.00 per sf.)
WHEREAS, the City of Newark has determined that the above referenced City-owned Properties (the "Properties") are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:1...
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