Resolution20-0112
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: First Amendment to the Agreement for the Sale and Redevelopment of Land to Newark Interfaith, LLC, to develop approximately forty-eight (48) residential housing units, one (1) mixed-use, and one (1) commercial property, to remove the following six (6) properties: 827-829 Bergen Street; 831-833 Bergen Street; 835 Bergen Street; 837-839 Bergen Street; 841-843 Bergen Street; and 845 Bergen Street.
Entity Name: Newark Interfaith, LLC.
Entity Address: One Gateway Center, Suite 2600, Newark, New Jersey 07102
Sale Amount: $300,233.28
Cost Basis: (X) $4.00-$10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $583,800.00
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)
Property Address Block Lot Square Feet Price Per Sq. Foot Price
40-50 Kent Street 2615 23 13,358.97 $4.00 $53,435.88
379-381 Avon Avenue 2632 22 5,000 $4.00 $20,000.00
687-689 Clinton Avenue 3008 1 6,482.10 $10.00 $64,821.00
522-524 Hawthorne Avenue 3067 1 5,202 $10.00 $52,020.00
520 Hawthorne Avenue 3067 3 2,000 $10.00 $20,000.00
510-512 Hawthorne Avenue 3067 7.01 4,500 $10.00 $45,000.00
12-16 Wolcott Terrace 3617 15,16 4,754.10 $4.00 $19,016.40
10 Wolcott Terrace 3617 26 2,006.40 $4.00 $8,025.60
22-26 Wolcott Terrace 3618 11 2,028.60 $4.00 $8,114.40
24 Patten Place 3618 10 2,450 $4.00 $9,800.00
Total 47,782.17 $300,233.28
Properties located on major corridors, Clinton Avenue and Hawthorne Avenue, are being sold at $10.00 per square foot. The other properties are being sold at $4.00 per square foot. (South Ward)
Square Feet 29,598.07 X $4.00 = $118,392.28
Square Feet 18,184.10 X $10.00 = $181,841.00
Total Sales Price: $300,233.28
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Resolution 7R2-g(AS) adopted on September 5, 2019, authorized the City of Newark to enter into an Agreement for the Sale and Redevelopment of Land with Newark Interfaith, LLC, for the development of approximately forty-eight (48) residential housing units, one (1) mixed-use and one (1) commercial property.
This resolution amends Resolution 7R2-g(AS) adopted on September 5, 2019, by removing six (6) properties from the resolution and the Agreement for the Sale and Redevelopment of Land.
Introduced Jan 21, 2020· Economic and Housing Development