BANK OWNED PROPERTY: 7.98+/- Acre Multi-Family Development Site in Wanaque, NJ

 
Property Location

63 4th Avenue
Wanaque, NJ 07420

Auction Location

Holiday Inn Express Hotel & Suites Haskell
303 Union Avenue
Haskell, NJ 07420

Inspection

Monday, February 13 &
Thursday, February 23
11:00 AM - 1:00 PM EST

Contact

Tranzon Fox, Tranzon Alderfer
Len Walter
(267) 638-1050
lwalter@tranzon.com

Terms and conditions

Auction/Sale date and time

2/23/12 @ 1:00 PM ET

Documents to download:
Phase I
"No Further Action" Letter
Development Standards & Building Specifications
Redevelopment Plan Amendment

  • Subscription/Log in required
  • Confidentiality Agreement required
Property Number

AL22312A

Property Type

Residential Real Estate-Residential Development Lots and Land

 

Bank owned property!  "Valley View at Wanaque" is a Multi Family Development Site in the Borough of Wanaque, NJ.  Currently approved for the development of 114 age-restricted units, of which 101 would be market rate units and 13 would be moderate income units.

The bank has submitted an application with the Borough of Wanaque Planning Board to convert the property to a non-age restricted development.  Conversion of the development from age-restricted to non-age restricted development is permitted by New Jersey Statutory Authority.  The bank has appeared before the Borough of Wanaque planning board and requested a total of 92 units in exchange for dropping the age restricted zoning, of which 20% of the units will be moderate to low income housing.

The property is also developed with some site improvements, including foundations for 10 townhouses.  Additional information regarding existing improvements is also included in the Appraisal Excerpts of the Property Information Package.

Property provides easy access to interstate Route 287 and is convenient to public transportation.
Len Walter, Auctioneer, NJ Broker License #9913359





Terms and Conditions

The following summary of Terms & Conditions of Auction Sale is only intended to provide you a brief outline. For a complete copy, either download the Property Information Package, if available, or contact Len Walter at (267) 638-1050 or lwalter@tranzon.com All bidders must agree to all of the Terms & Conditions of Auction Sale prior to bidding at any Tranzon auction. Listings may be withdrawn or modified without notice at anytime.

For general information on the auction process, please review the FAQ-Frequently Asked Questions.


Buyers Premium: 5% Buyers Premium based on the high bid.
Closing: On or before April 9, 2012, sold in As-Is condition, no contingencies.
Deposit Amount: $100,000 in cash or certified funds. Deposit to be increased to 10% of total purchase price within 4 days after auction.
Broker Co-op: 2% of the high bid will be paid to a properly registered broker at settlement.

Agency Disclosure: The member company acting as auctioneer/agent is an agent for the seller only. Disclaimer: Information contained herein is believed to be correct to the best of auctioneer/agent’s knowledge but is subject to inspection and verification by all parties relying on it. Sellers, their representatives and auctioneer/agent shall not be liable for inaccuracies, errors, or omissions. All square footage and other dimensions are approximate. This offering is subject to prior sale and may be withdrawn, modified or cancelled at any time without notice.

 
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