Public Auction Notice- Proposed Sale of City-Owned Real Property by Sealed Bid- Receipt of Bids 12-1

Agency:	City of Summit
State:	New Jersey
Type of Government:	State & Local
NAICS Category:	531210 - Offices of Real Estate Agents and Brokers 531390 - Other Activities Related to Real Estate
Posted Date:	Nov 26, 2025
Due Date:	Dec 11, 2025
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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 1_136 am - for

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 1_136 am - for

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 1_136 am - for

publication 11-27-25 and 12-4-25 REVISED 11-19 Final.docx

This page summarizes the opportunity, including an overview and a preview of the attached documents.

Public Auction Notice- Proposed Sale of City-Owned Real Property by Sealed Bid- Receipt of Bids 12-1

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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:	Open