Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of three (3) two-family homes to be rented at an affordable rate of 60%-80% AMI. Entity Name: VS Property Builders L.L.C. Entity Address: 79-81 Shanley Avenue, Newark, New Jersey 07108 Sale Amount: $105,000.00 Cost Basis: (X) $14.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $42,700.00 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) 884-886 South 14th Street/Block 3009/Lot 10/South Ward 888 South 14th Street/Block 3009/Lot 9/South ward Additional Information: Sale Price: Total Square Footage X PSF = 7,500 X $14.00 = $105,000.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.

What this record is

Held by

VS Property Builders L.L.C

Amount

$105K

Runs until

Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗

Type

amendment

Field

Construction

construction contracts in NJ that end within a year →
Governments publish the end date in the award. That date is when the work goes back out to bid, and it is usually stated years ahead.

Read automatically from the title of the official record. The source document below is authoritative.

Committee

Economic and Housing Development

Introduced

July 29, 2026

On agenda

October 7, 2026

Passed

October 7, 2026

Where it was heard

Municipal Council Oct 7, 2026 Adopt Pass

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