NEWARK, NJ—A host of prospective developers took part in an auction on Tuesday of city-owned properties that included vacant lots, commercial and residential properties.
The city is looking to sell more than 60 properties. At the auction held at Newark Symphony Hall, while many were sold, about 27 are still available, according to the Star Ledger.
Newark officials in April reported that the city would need more than $93 million to balance its 2014 budget. A significant portion of the deficit is due to shortfall in property tax revenue in 2013.
On July 1, the City Council introduced a budget of nearly $800 million, but it relies on the city selling about $47 million dollars worth of foreclosed properties by the end of this year. Some City Council officials have characterized the sale proceeds goal as unrealistic. See story in the Star Ledger.