26-0101
Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate the existing two-unit property: one (1) unit will be owner occupied, and one (1) unit will be rented to an income qualified household at 40% AMI Entity Name: Newark King Realty LLC Entity Address: 557 Clinton Avenue, Newark, New Jersey 07108 Sale Amount: $98,430.00 Cost Basis: (X) $17.00 PSF ( ) Negotiated ( ) N/A ( ) Other Assessed Amount: $164,000.00 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) 26-28 Hedden Terrace / Block 3024 / Lot 23 / South Ward Additional Information: Sale Price: Total Square Footage X PSF = 5,790 X $17.00 = $98,430.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned property
What this record is
- Held by
- Newark King Realty LLC
- Amount
- $164K
- 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
- January 28, 2026
- On agenda
- July 15, 2026
- Passed
- July 15, 2026
Where it was heard
Municipal CouncilWatch what Newark buys
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