457-459 New Brunswick Ave. was finally sold by the City of Perth Amboy at auction. *Photo by Katherine Massopust

PERTH AMBOY – The City held an auction on June 5, 2014 to sell property located at 457-459 New Brunswick Ave. This property had been in the books for a couple of years. The minimum bid was $180,000 and the property sold for $210,000.

Despite the property being sold for over the minimum price, some residents were still not satisfied. These residents were concerned about the lost revenue that the City could have had while that lot was sitting empty and still on the books.

As shown in the photo, people use this lot for parking, whether it be for personal use or for patronizing local businesses.

Resident Stanley Sierakowski had said, “I have a background in real estate and that property could have easily gone for between $200,000 – $250,000.”

Businesswoman Virginia Lugo asked, “Where was the auction advertised?”

B.A. Greg Fehrenbach answered, “It had been advertised in some of the daily publications and in the Guardian. It was sent out to all the local realtors and parties who were interested in the past. We based the minimum price for the property on current sales for similar properties and the results of tax appeals in that area. One bidder appeared at the auction. We were motivated to sell this property. Sometimes properties sold by municipalities are  listed in “as is” condition. That is why they may be sold at a lower price.”