NEWARK, NJ-A 15.5-acre property on the Passaic River possessing barge access is part of a portfolio of six former fuel distribution terminals to be sold off by Getty Realty Corp. The company has retained NRC Realty & Capital Advisors to market the sites for potential redevelopment use.
The Newark site is divided by Doremus Ave, with 5.7 acres east of the road and 9.7 acres west of it. It includes six buildings, and the minimum bid for the property is set at $3 million.
Besides the Newark parcel, all other properties are located in New York. They are in Long Island City, Bronx/Mt Vernon, Catskill, Port Ewen and Rhinebeck, with land sizes ranging from 2-to-15 acres. Published minimum bids range from $400,000 to $3 million.
"These sites are strategically located and adaptable for a variety of industrial or other uses," said Evan Gladstone, NRC's executive managing director. The Newark site is at Exit 15E of the New Jersey Turnpike.
"While we expect some interest from parties seeking to use these properties as terminals, these properties are in urban areas which are actively being redeveloped so we expect much more excitement to come from developers looking to re-purpose the locations," said Joshua Olshin of Auction Advisors, which is working with NRC on the Newark sale, as well as the Long Island and Bronx properties.
The properties are to be sold via sealed bid, to be submitted by March 7. NRC will be coordinating property viewings. A 3% broker co-op commission is being offered.
The properties include:
- a 5.5 acre site adjacent to a large retail center in the Bronx with barge access via the Hutchinson River. Minimum bid: $2.5 million.
- a 4.1-acre Long Island City property with barge access via channel to the East River. Minimum bid: $3 million.
- a 2.3-acre Rhinebeck property on U.S. Route 9 . Minimum bid: $400,000.
- A 5.7-acre Port Ewen property, approximately 4 acres of which is usable, located just west of U.S. Route 9W with access to the Hudson River. Minimum bid: $450,000.
- A 5.-3-acre Catskill property, approximately 4.2 acres of which is usable, located on both the Hudson River and Catskill Creek with barge access. Minimum bid: $450,000.
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