BAYONNE, NJ—The 2010 purchase of 131 acres of waterfront land here by the Port Authority of New York and New Jersey, hailed at the time as a means for expansion of regional port facilities, was in fact a fiscal bailout for the City of Bayonne, according to a published report.

With the exception of a 544-unit apartment complex, the waterfront peninsula purchased by the Port Authority for $235 million remains unused. At the time the deal was negotiated between the Port Authority and Bayonne, the City of Bayonne was on the verge of bankruptcy, facing a shortfall of as much as $33 million, and possible state oversight of its finances according to the New York Times.

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