Business & Finance

SOLD! Paterson Set to Auction 46 Properties


PATERSON, NJ- A plan to infuse $2 million into Paterson’s budget moved forward on Tuesday with the City Council approving an auction of 46 city-owned properties. The final vote came after lengthy discussions between residents and council members about the importance of promoting home ownership as a means of building stronger communities.

First Ward Councilman Michael Jackson was the lone dissenting vote on both measures, the first to approve the auction, and the second to award a contract to Max Spann Real Estate & Auction Co. to act on behalf of the city as the auctioneer.

Under the plan, the auction will be held in Council Chambers on March 15 at 12:00 p.m. Successful purchasers will be required to bid a minimum of 20 percent of the assessed value of any property, with all sales subject to final approval by the city council.

Sign Up for E-News

Much of the dissenting discussion regarding the auction centered around concerns that residents were at a disadvantage to “developers with deeper pockets.”

Careful not to discount these concerns Councilman Ken Morris, Chair of the Council Finance Committee, said that while developers may have “more resources” it is not clear whether or not there is interest from outside the city to acquire the available lots. Morris encouraged residents to attend the scheduled information sessions as well as the auction, even if they are not ultimately a successful bidder, to “participate and learn about the process.”

“This is an opportunity to empower Patersonians to come out and purchase property,” stated Councilman Andre Sayegh. Acknowledging that “the highest bid wins,” Sayegh said that the auction is a “fair and open process” putting all participants on an “even playing field.”

According to the resolution appointing Max Spann Real Estate & Auction Co to conduct the auction, the firm will also be required to “advertise the auction” and to “take any and all other action to effect an advantageous sale of the property,” that is being made available for purchase. Their services come at no cost to the city with the firm receiving a commission from the buyer equal to 10 percent of the sale price.

Saying that the diverse list includes vacant lots, homes in various states of repair, and even commercial properties, Bob Dann, the firm’s executive vice president and chief operating officer, told TAPinto Paterson “we have now been tasked with making this auction as financially successful as possible,” and that their years of experience prove their ability to meet the high standards expected of them. “We are grateful for the trust and faith that the city council, and Paterson residents, have placed in us.”

Dann further encouraged all residents and interested parties to attend one or both of the information sessions they will host February 21 and 28. Both sessions will be held at City Hall and begin at 12:00 p.m.   

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News


Paterson Students Speak Out Against Gun Violence

March 16, 2018

Dear Editor:

I want to give a special thanks to Paterson Public Schools Superintendent Eileen Shafer for giving endless support to our students during the student's protest to walk out their school against gun violence yesterday. Our schools participated and their voices were heard. The goal was to spend 17 minutes to honor each victim of the Parkland, Florida, tragic mass ...

Recently Passed County Budget Built on 'Fiscally Sound Policies'

March 15, 2018

PATERSON, NJ – Saying it reflects “fiscally sound policies, strong budgetary flexibility, proactive increases to manage volatile expense line items, including significant reserves for workers’ compensation, health benefits, and liability insurance, and an overall net debt of 1% of market value,” the Passaic County Board of Chosen Freeholders adopted the 2018 budget on ...

Fairytale Marriage Proposal Takes Center Stage at St. Patrick’s Day Parade

March 16, 2018

SOMERVILLE, NJ – A surprise engagement took center stage at last weekend’s St. Patrick’s Day Parade in Somerville. In the midst of the March 11 festivities, Piscataway resident Steven Verardi boarded a float and popped the question to his girlfriend Elise Latona, marking the first known engagement to take place at the parade in 27 years.

Since opening The Beauty Bar ...

Pou on Budget Address, School Funding

March 17, 2018

TRENTON –Senator Pou (Bergen/Passaic) issued the following statement on Governor
Murphy’s budget address and school funding:

“One of the most important priorities that the Governor recognizes is the need to fully funding our public schools. This is especially critical for school districts in cities like Paterson.

“We will follow through during the budget process ...