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Bid History for Real Property - 160 S Broad Street, Trenton, NJ 08608
Auction Start Date: 01/29/19 10:14 AM ET
Auction End Date: 02/22/19 3:00 PM ET
Asset ID: 10   Number of Bids: 1

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Real Property - 160 S Broad Street, Trenton, NJ 08608
Auction Closed
High Bidder: r********h
Sold Amount: $800,000.00
Admin Fee ( Fee Info ): $40,000.00
Total Price: $840,000.00
View Bid History
Terms and Conditions
9,307 visitors
Tier Membership Requirements:  Bid Deposit of $5,000 required
Title Restriction
No Title Restriction
   
Title Restriction    
No Title Restriction    
Condition Category
Used/See Description Real Estate / Land Parcels
Condition Category
Used/See Description Real Estate / Land Parcels
Real Property Auction - 160 S Broad Street, Trenton, NJ 08608, Mercer County, NJ (Former Mill Hill Processing Center, also known as the Van Sciver building - located in historic Mill Hill neighborhood of Trenton). It is considered to be part of Downtown Trenton and was added to the National Register of Historic Places in 1977.

Zoned: Business A Block 9501 Lot 17

3 Stories

76,000 square feet total

The deposit is fully refundable to those whom are not the successful bidder. See the payment instructions below. Attached is the agreement of sale that must be signed at closing.

To get approved for tier (in order to place bids):

- Bid deposit must be paid for $5,000 to the Division of Property Management and Construction, 33 W State Street 9th Floor, PO Box 034, Trenton, NJ 08608.

- Log in as a bidder

- in the red bar at the top of the screen, click on your name and select the "tiers" option

- click the link to "browse sellers"

- select the State of New Jersey

- choose the "Division of Property Management and Construction" tier

- click "subscribe"

Additional Info: Agreement of Sale.pdf
Questions and AnswersQuestions and Answers
Q: Hi there, what is the building being used for currently? (12/21/16 5:16 PM)
A: Building is currently empty (12/22/16 9:03 AM)
Q: Can you post more inside pictures please, if it is possible? (12/21/16 5:18 PM)
A: When more pictures become available they will be posted (12/22/16 9:04 AM)
Q: Can you post more inside pictures please, if it is possible? (12/21/16 5:20 PM)
A: When they become available they will be posted (12/27/16 11:36 AM)
Q: 1) Are there any liens (taxes, loans, other) against any part of the building and/or land? 2) Are there any hazardous materials that will require remediation on the property? 3) What are the restrictions on or with this property? (1/18/17 3:10 PM)
A: The building is currently State owned and there are no liens. The building may contain some asbestos insulation. The property will be restricted to local zoning only (1/26/17 9:49 AM)
Q: When will you add more pictures? Is there a reserve or is this an absolute auction? Is the title free of all liens? Is there an appraised or assessed value? (1/25/17 11:32 PM)
A: When will you add more pictures? – We apologize for not posting additional photos – we are still working on it, however site visits can be made by appointment if you are interested. Is there a reserve or is this an absolute auction? – There is a minimum bid price of $800,000. Is the title free of all liens? – The building is currently State owned and there are no liens. Is there an appraised or assessed value? – The appraisal gave a range of $800,000 to $1,100,000 - $800,000 was used to determine the minimum bid price. The assessment is available through the Trenton Tax office, however the building has been tax exempt since it is currently State owned. Once the building is privately owned, it will most likely lose its exempt status. (1/26/17 9:46 AM)
Q: is this property under any land mark status or anything in like that (2/3/17 9:55 AM)
A: The building is not considered historic, however there is some iron work in the front and on the roof that the NJ Museum has interest in. The museum said they are fine with the iron work remaining, but if removed they would like to have it. (1/31/19 3:35 PM)
Q: According to public records, this property sold on 08-15-2017 for $129,990. What work was done to improve it in that time to justify the increased sale price? (2/11/19 11:57 PM)
A: You may have looked up the wrong property, this property has not sold for several years. (2/13/19 10:41 AM)
Q: parking area , what is the sq ft, type of construction, how old is the building and finally can you post uses it can be permitted for thanks a lot (2/13/19 12:10 PM)
A: There is not much parking, maybe 8 or so cars. Not sure of the exact age of the building, I'd guess it was built in the 1940's. As for permitted uses, you would need to check with Trenton Zoning. (2/20/19 8:45 AM)
Q: when was the last sale (2/13/19 12:11 PM)
A: Not sure of the exact date, but the property has been owned by the State of NJ for over 20 years. (2/20/19 9:25 AM)
Q: why was it listed so many times (2/13/19 12:14 PM)
A: We only had one other attempt to auction, which was last year at the same price. (2/20/19 9:20 AM)
Q: Any asbestos? Has the building been certified asbestos free?? The appraised value will raise immediately upon sale so tax rate will be high. Your opening bid is based on this do you have any idea what taxes will be based on $800000 purchase? (2/19/19 8:32 PM)
A: I do not have an asbestos report. As for taxes - that is up to the City. You should look into the current City tax rate. (2/20/19 9:22 AM)
 
Seller InformationSeller Information
Seller Name State of New Jersey - Division of Property Management and Construction
Asset Contact (Phone: 609-943-3492)
Asset Location 160 S Broad St
Trenton, New Jersey 08608-2402
Map to this location
InspectionInspection
Inspections can be made by appointment only. Please contact Robert Tighue at 609-943-3492.

PaymentPayment
Bid deposit of $5,000 is required in order to place bids, and will be refunded to bidders that do not win the auction. (Deposit is applied toward settlement for the winner).

10 % of winning bid price is due in fifteen (15) calendar days after auction close.

Remaining balance to be paid at settlement.

Acceptable forms of payment are: Certified Cashiers Check, Money Order, or a Company Check (with Bank Letter guaranteeing funds-mandatory).

Checks shall be made payable to:

State of New Jersey - Division of Property Management and Construction 33 W State Street PO Box 034 9th Floor Trenton, NJ 08608

Additional FeesAdditional Fees
Administrative Fee: ADMINISTRATIVE FEE BREAKDOWN
$0-100K @ 7.50%,   $100K-500K @ 5.5%,   $500K-1M @ 3.5%,   $1M > 2.5%
When the auction closes, the Administrative Fee amount will be calculated and recorded to reflect the accurate dollar amount.

Example of asset sold for $120,000.00:
$100,000.00 * 7.50 % = $7,500.00
$20,000.00 * 5.5 % = $1,100.00
-------------------------------
$120,000.00 sold amount = $8,600.00 Admin Fee amount
Special InstructionsSpecial Instructions
To get approved for tier (in order to place bids):

- Bid deposit must first be paid for $5,000 to the Division of Property Management and Construction, 33 W State Street 9th Floor, PO Box 034, Trenton, NJ 08608.

- Log in as a bidder

- in the red bar at the top of the screen, click on your name and select the "tiers" option

- click the link to "browse sellers"

- select the State of New Jersey

- choose the "Division of Property Management and Construction" tier

- click "subscribe"

Quick Asset Lookup (QAL) #: 7325-10 (GD)