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Paterson to put up for auction $3.37 million worth of properties | Paterson Times

Paterson to put up for auction $3.37 million worth of properties

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The city is planning to sell four and half-dozen properties scattered throughout the municipality assessed at $3.37 million.

Properties include vacant lots, residential houses, dilapidated structures, and parking areas. Each of the 54 parcels will be auctioned off at a minimum of 20-percent of assessed value, according to officials.

Assessment for the properties range from $9,300 to $398,400. Many of the lots being sold are undersized and may not be developable. For instance, in most parts of the city, the minimum lot size for a home is 50×100. However, in redevelopment zones, the minimum lot size to build is 25×100, said officials.

Economic development director Ruben Gomez on Wednesday said the city will hire an auctioneer to sell off the government owned land. This is similar to the special tax lien sale the city conducted in 2016 through Max Spann Real Estate & Auction.

Kenneth Morris, councilman at-large, chairman of the finance committee, said these properties have to have a 10-percent minimum bid by state law. He said the city set the limit to 20-percent. He said this will produce a “greater return” for the city.

“We ask that greater outreach effort be put in place to ensure local Patersonians” get a chance at buying some of these lots, said Morris.

Gomez said a date for the auction has yet to be established. He said it will likely take place first or second week of March.

Email: jay@patersontimes.com

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  • rick white

    what right person will buy a lot that can'y be developed. i tell you that paterson goverment are really smart people. paterson is so close to n.y. and they can't get it together. look at newark, bloomfield, montclair, bellville. they are creating a new tax base with higher income. paterson will give tax breaks to companies that bring jobs. well 1 thing should be in there. living wages and a employee can not be on goverment and or tax paying peoples back with section 8, i think its called a family card and free health care. lets be honest with free health care *cost all of us. if you can't afford health care, food and rent , then stop having babies. i have had investments in paterson and went to pick up the rent which she was on section 8 and in the driveway was a mercedes suv. i said how can you afford that. my rent is low and you get my share every month so what are you worried about with what i drive.i said it without ebonics

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