Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: On 522 1/2 Central Avenue the property will be rehabilitated to create a new office headquarters and 508 15th Avenue will be developed into a new construction of a 2-family home which will provide affordable housing for Newark residents at 60-80% AMI.
Entity Name: S.G. Global Enterprise LLC
Entity Address: 212 Dayton Street, Apt 2, Ridgewood, New Jersey 07450
Sale Amount: $60,345.00
Cost Basis: (X) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $65,400.00
Appraised Amount: N/A
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)
522 1/2 Central Avenue/Block 1828 /Lot 64/ West Ward
508 15th Avenue/ Block 284/ Lot 1/ Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,023 X $15.00 = $60,345.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Deferred 7R2-h 112525
body
WHEREAS, the purpose of this Resolution is 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
BLOCK
LOT(S)
SIZE SQ. FEET
522 1/2 Central Avenue
1828
64
12.9X40 516
508 15th Avenue
284
1
33.4X105 ...
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