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Bid Title:
Public Auction Notice- Proposed Sale of City-Owned Real Property by Sealed Bid- Receipt of Bids 12-1
Category:
City of Summit
Status:
Closed
Publication Date/Time:
11/26/2025 9:00 AM
Closing Date/Time:
12/11/2025 10:00 AM
Related Documents:
Public Auction Notice- Proposed Sale of City-Owned Real Property by Sealed Bid- Receipt of Bids 12-11-25
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City Hall
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Summit, NJ 07901
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Document Text
--- Document: Public Auction Notice- Proposed Sale of City-Owned Real Property by Sealed Bid- Receipt of Bids 12-11-25 ---
CITY OF SUMMIT
NOTICE FOR PROPOSED SALE OF
CITY-OWNED REAL PROPERTY BY SEALED BID
PLEASE TAKE NOTICE: The City of Summit, hereinafter referred to as “City,” has
adopted a Resolution authorizing the sale, at a public auction, of real property commonly
known as Block 2706, Lot 1 (406 Broad Street), a portion of Lot 2 (402 Broad Street) Lot 3
(384-392 Broad Street) and Lot 4 (7 Cedar Street), on the Summit municipal tax map,
hereinafter referred to as “the property.”
Pursuant to N. .S.A. 40A:12-13(a), the City gives public notice that it will conduct
an open public auction by sealed bid to the highest bidder at 10:00 a.m. on December 11,
2025, at the City Hall, 512 Springfield Avenue, Summit, New Jersey. The sealed bid shall
be opened and announced by the City Administrator at the aforementioned time and place.
The minimum bid for the property is $ 4,600,000.00. The sale will be a cash transaction with
absolutely no contingencies. The method of payment will be as follows: cash or certified
check in the amount of 10 percent of the bid, payable within 5 days of the close of the
bidding and award of the bid by cash or certified check plus cash or certified check in the
amount of 90 percent of the bid, payable at a closing to be held at the Office of the City
Attorney no later than January 30, 2026.
Time is hereby established “of the essence” with respect to the payment dates and
closing date set forth above.
All bids shall be referred to the City Council for review and for final approval,
pursuant to N.
.S.A. 40A:12-13(a). The City reserves the right to accept the highest bid
or to reject any and all bids including the highest bid, and shall make its decision known
by resolution within 14 days after the bids are received.
Upon the close of bidding, the highest qualified bidder, as then designated by the
City Administrator, shall submit cash or certified check in the amount of 10 percent of the
bid and shall within five (5) days execute an offer to purchase at his/her bid price, which
offer shall include the terms and conditions specified herein. The offer to purchase shall be
irrevocable for 60 days from the date of the public sale.
Title shall be conveyed by Bargain and Sale Deed with final payment to be made
as described above at a closing to be arranged between the purchaser and the City of
Summit.
https://cityofsummit.sharepoint.com/sites/clerkshare/Shared Documents/LEGALADS/Auction of BSW 11-2025/Public Auction Notice - Rev 11-17-25 Final as of 111825 1136
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publication 11-27-25 and 12-4-25 REVISED 11-19 Final.docx
At closing of title, purchaser shall submit an additional sum of money equal to the
costs of all advertising of the sale, legal, title and appraisal fees and the recording of the
City’s Deed.
Failure to comply with any of the above requirements or to close on or before
January 30, 2026 shall entitle the City of Summit to rescind prior bid approval, terminate
any and all rights of the designated bidder in said property and retain all monies
theretofore deposited.
The aforesaid public sale at auction by sealed bid of the above property shall be
subject to the following terms and conditions:
1.
All lots are conveyed subject to existing tenancies, encumbrances, liens,
zoning regulations, easements, other restrictions, such facts as an accurate
survey would reveal, and any present or future assessments for the
construction of improvements benefiting said property.
2.
The successful bidder shall be required to conform to and develop the
property in accordance with Ordinance 25-3357 - Morris Broad Crossroads
Zone District.
3.
The successful bidder shall be required to obtain development approval for
the property within 24 months.
If the property has not obtained
development approval within 24 months, the property will revert to the City.
4.
The successful bidder may not assign the contract to purchase sale parcel
without the prior written consent and approval of the City of Summit which
may be withheld at the City’s sole discretion.
5.
Real estate taxes, water and sewer charges shall be adjusted/pro-rated as of
the date of closing.
6.
The City of Summit shall not pay any broker’s commission in connection
with this sale except to Jones Lang LaSalle Americas Inc., and the successful
bidder shall indemnify and hold harmless the City of Summit from any such
claim therefor arising by reason of the conduct of the successful bidder.
https://cityofsummit.sharepoint.com/sites/clerkshare/Shared Documents/LEGALADS/Auction of BSW 11-2025/Public Auction Notice - Rev 11-17-25 Final as of 111825 1136
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publication 11-27-25 and 12-4-25 REVISED 11-19 Final.docx
7.
Except asset forth herein, the terms and conditions of the sale shall not be
modified except as may be mutually agreed upon in writing, by the City
and the successful bidder, provided that no such modifications shall result
in a violation of the bidding statute.
8.
The sale shall not be subject to nor contingent upon the successful bidder
receiving approvals for any subdivision, site plan, variance or other
application for development.
9.
All prospective purchasers are put on notice that no employee, agent or
officer of the City of Summit has authority to waive, modify or amend any of
the conditions of sale.
10.
It is conclusively presumed that a bidder prior to making his or her bid has
done the following: (a) checked the exact location, including the correct
street address and lot size of the property/parcel on the Official Tax Maps
which are available at the Assessor’s Office; (b) checked the zoning
restrictions to ascertain the legal use of property (this information can be
obtained from the City Zoning Office); and(c) made a personal inspection
of the property/parcel prior to bidding on a piece of property.
Responsibility for failure to comply with the abovementioned conditions
and guidelines will be fully assumed by the purchaser.
All sales are subject to final approval by the Common Council. Parties interested in
submitting bids and who require additional information should contact the City’s broker,
JLL Real Estate Services:
Jose Cruz- j.cruz@jll.com
Ryan Robertson- ryan.robertson@jll.com
Mike Oliver- mike.oliver@jll.com
Dated: 11/17/25
UCLS: 11/27/25 and 12/4/25
City of Summit Website, Bid Postings Page 11/26/25
https://cityofsummit.sharepoint.com/sites/clerkshare/Shared Documents/LEGALADS/Auction of BSW 11-2025/Public Auction Notice - Rev 11-17-25 Final as of 111825 1136
- for
_
am
publication 11-27-25 and 12-4-25 REVISED 11-19 Final.docx