Press Release (ePRNews.com) - TOMS RIVER, N.J. - Jul 05, 2017 - Beginning July 1, 2017, anyone interested in purchasing the old municipal building located at 144 & 148 Mill Street in Toms River, NJ now has their chance. The Borough of South Toms River is selling the property via online auction on the government auction website GovDeals.com.
The property for sale consists of two separate buildings. The main building is the South Toms River Municipal Complex, which totals 4,294 square feet of gross building area, not including the partially finished basement space that was occupied by the South Toms River Police Department.
In addition, there is a 1,058-square foot building that was occupied by the South Toms River Sewerage Authority. The total gross building area is 5,352 square feet. The total site area is .95 acres or 41,382 square feet. Additional information can be viewed in the detailed appraisal report attached to the auction page.
The borough opened the bidding to the public on July 1st, and will run the auction for 60 days, ending on September 1st also at 3:15pm. Bidding starts at $250,000, with a $5,000 deposit required to bid and no reserve.
Those wishing to inspect the property prior to bidding can do so by contacting the borough and scheduling an appointment. Hours for inspection will be Monday-Friday, 9am-4pm.
Joseph Kostecki, Borough Administrator who is facilitating the auction, has advised that the entirety of the borough has been designated as an “area in need of rehabilitation” which provided them the authority to offer the new buyer a five-year tax exemption or abatement as a financial incentive to encourage rehabilitation of the area.
Before selling their surplus items online, the borough held in-person public auctions, with most items being purchased by those who live locally. With the addition of online auctions, Borough of South Toms River has expanded their potential bidder base nationally, helping return more capital to the municipality, which will use the funds to help reduce the borough’s debt.
The Borough of Toms River places items up for auction as they are declared surplus and all auctions are open to the public. Interested bidders can view the building and all other auctions at www.govdeals.com/SouthTomsRiverRealEstate. New bidders can complete their free registration from the GovDeals home page.
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South Toms River Borough