24-0668
Dept./ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Private Sale/Redevelopment/Subordination Agreement Purpose: To subordinate the City’s Reverter Rights by entering into an Amended Standard Conditions of Sale and a Subordination Agreement to enable the Redeveloper to obtain financing necessary for the redevelopment of rental or for-sale owner-occupied housing. Entity Name: Carvalho Realty, LLC Entity Address: 236 South 11th Street, Newark, New Jersey 07107 Sale Amount: $0.00 Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other: Assessed Amount: $0.00 Appraised Amount: $0.00 Contract Period: Not Applicable Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a List of Property: (Address/Block/Lot/Ward) 485 South 18th Street/Block 325/Lot 16.01/West Ward 487 South 18th Street/Block 325/Lot 16.02/West Ward Additional Information: Resolution 7R2-h(S) adopted on August 11, 2020, authorized the sale of City-owned real estate property not needed for public use through a Public Real Estate Auction. Resolution 7R2-e(AS) adopted on September 16, 2020, accepted the bids and execution of Quitclaim Deeds for properties sold at Public Auction on Thursday, August 27, 2020.
What this record is
- Held by
- Carvalho Realty, LLC
- Runs until
- Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗
- Type
- amendment
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Read automatically from the title of the official record. The source document below is authoritative.
- Committee
- Economic and Housing Development
- Introduced
- April 29, 2024
- On agenda
- May 22, 2024
- Passed
- May 22, 2024
Where it was heard
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