Paterson to put up for auction $3.37 million worth of properties
By Jayed Rahman
Published: January 5, 2018
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.
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