Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEWARK-Taking a cue from a long-used commercial real estate strategy, the city is planning to sell municipal buildings to help close an $83-million budget shortfall, the Star-Ledger reported Wednesday. Under a plan released Tuesday, the Essex County Improvement Authority will sell bonds to buy the properties, including police precincts, firehouses and office buildings, then lease them back to Newark. The city hopes to raise $50 million through the sale. Andy Zezas, SIOR partner and GlobeSt.com blogger points out that the state of New Jersey and a few other city governments have looked into this option as well, so the plan isn’t radical for its originality.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.