The City of Newark is expected to sell a property that is owned by the municipal government to an external firm, but unlike with other recent sales of public property, the new owner will not be a residential real estate developer.
The Newark Municipal Council adopted a resolution on May 6 that will allow for the sale of 37-41 Jones Street, according to the Legislative Research Center.
Located at the corner of 14th Avenue across from the Springfield Avenue Marketplace complex, the property reportedly has an assessed value of $290,600 and includes a garage that was previously home to L&C Brake System.
The resolution shows that the premises are expected to be sold for $51,700 to the Aasia and Madison Foundation, Inc. Few details are listed about the foundation, but the group is registered out of a house on Hobson Street in the South Ward and is listed in the Internal Revenue Service’s database of tax-exempt organizations.
Under the plan described in the resolution, “the redeveloper proposes to redevelop the property to create a textile training facility with office and community space.”
The resolution states that the Aasia and Madison Foundation submitted a letter of intent to the municipal government and that “based upon the City’s review of the Proposal and other such information, the City has determined that the redeveloper possesses the proper qualifications and requisite financial resources and capacity to acquire the Property and to redevelop it.”