Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: The construction of a four (4) unit rental apartment house.
Entity Name: Shameer Properties, LLC
Entity Address: 104 Market Street, Newark, New Jersey 07102
Sale Amount: $34,771.86
Cost Basis: (X ) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $20,400.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of property ownership from the City to the Redeveloper
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)
146-150 Sunset Avenue/Block 4059/Lots 52, 53/West Ward
Additional Information:
Total Price: Square Footage X PSF = 5,795.31 X $6.00 = $34,771.86
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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WHEREAS, the Department of Economic and Housing Development seek to approve the sale and redevelopment of the following City-owned property located in the West Ward of the City of Newark:
ADDRESS BLOCK LOTS SIZE SQ. FEET
146-150 Sunset Avenue 4059 52, 53 68.10X85.1 5,795.31
Purchase Price: $34,771.86 ($6.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") is no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City is proceeding with the rehabilitation of the area and is conveying Properties at such prices and upon such terms as it deems reasonable, and said conveyance is made in conjunction ...
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