Politics & Government

City Holding Real Estate Auction

Nearly 80 properties going under the gavel April 18

The City of Newark’s Department of Economic and Housing Development will hold an auction of city-owned structures and vacant lots, on Thursday, April 18, at 9 am, at Newark Symphony Hall, 1020 Broad St.
 
The auction is the first the city has held since 2010, and is sponsored by the Department of Economic and Housing Development’s Division of Housing and Real Estate. The auction offers investment opportunities to prospective buyers who want to invest in New Jersey’s largest city.  There are 79 city-owned parcels of land, including commercial property, infill residential, and multi-family properties in need of rehabilitation, located throughout the City, and 18 residential properties scheduled for sale, exclusively for purchase by owner-occupants.  The previous auction offered 10 structures and 25 vacant lots. 
 
All properties will be sold to the highest bidder and successful bidders will be required to tender a nonrefundable deposit upon the end of the auction and will be required to close on the property within 60 days.
 
For additional information on the auction, click here www.ci.newark.nj.us.


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